Financial Planning

Unfortunately, personal finance has not yet become a required subject in high school or college, so you might be fairly clueless about how to manage your money when you’re out in the real world for the first time.

To help you get started, we’ll take a look at eight of the most important things to understand about money if you want to live a comfortable and prosperous life.

Learn Self Control

If you’re lucky, your parents taught you this skill when you were a kid. If not, keep in mind that the sooner you learn the fine art of delaying gratification, the sooner you’ll find it easy to keep your finances in order. Although you can effortlessly purchase an item on credit the minute you want it, it’s better to wait until you’ve actually saved up the money. Do you really want to pay interest on a pair of jeans or a box of cereal?

imagesIf you make a habit of putting all your purchases on credit cards, regardless of whether you can pay your bill in full at the end of the month, you might still be paying for those items in 10 years. If you want to keep your credit cards for the convenience factor or the rewards they offer, make sure to always pay your balance in full when the bill arrives, and don’t carry more cards than you can keep track of.

Take Control of Your Own Financial Future

If you don’t learn to manage your own money, other people will find ways to (mis)manage it for you. Some of these people may be ill-intentioned, like unscrupulous commission-based financial planners. Others may be well-meaning, but may not know what they’re doing, like Grandma Betty who really wants you to buy a house even though you can only afford a treacherous adjustable-rate mortgage.

Instead of relying on others for advice, take charge and read a few basic books on personal finance. Once you’re armed with personal finance knowledge, don’t let anyone catch you off guard – whether it’s a significant other that slowly siphons your bank account or friends who want you to go out and blow tons of money with them every weekend. Understanding how money works is the first step toward making your money work for you.

Know Where Your Money Goes

Once you’ve gone through a few personal finance books, you’ll realize how important it is to make sure your expenses aren’t exceeding your income. The best way to do this is by budgeting. Once you see how your morning java adds up over the course of a month, you’ll realize that making small, manageable changes in your everyday expenses can have just as big of an impact on your financial situation as getting a raise.

In addition, keeping your recurring monthly expenses as low as possible will also save you big bucks over time. If you don’t waste your money on a posh apartment now, you might be able to afford a nice condo or a house before you know it.

Start an Emergency Fund

Без названияOne of personal finance’s oft-repeated mantras is “pay yourself first”. No matter how much you owe in student loans or credit card debt, and no matter how low your salary may seem, it’s wise to find some amount – any amount – of money in your budget to save in an emergency fund every month.

Having money in savings to use for emergencies can really keep you out of trouble financially and help you sleep better at night. Also, if you get into the habit of saving money and treating it as a non-negotiable monthly “expense”, pretty soon you’ll have more than just emergency money saved up: you’ll have retirement money, vacation money and even money for a home down payment.

Don’t just sock away this money under your mattress; put it in a high-interest online savings account, a certificate of deposit or a money market account. Otherwise, inflation will erode the value of your savings.

Start Saving for Retirement Now

Just as you headed off to kindergarten with your parents’ hope to prepare you for success in a world that seemed eons away, you need to prepare for your retirement well in advance. Because of the way compound interest works, the sooner you start saving, the less principal you’ll have to invest to end up with the amount you need to retire and the sooner you’ll be able to call working an “option” rather than a “necessity.”

Company-sponsored retirement plans are a particularly great choice because you get to put in pretax dollars and the contribution limits tend to be high (much more than you can contribute to an individual retirement plan). Also, companies will often match part of your contribution, which is like getting free money.

Get a Grip on Taxes

It’s important to understand how income taxes work even before you get your first paycheck. When a company offers you a starting salary, you need to know how to calculate whether that salary will give you enough money after taxes to meet your financial goals and obligations. Fortunately, there are plenty of online calculators that have taken the dirty work out of determining your own payroll taxes, such as Paycheck City. These calculators will show you your gross pay, how much goes to taxes and how much you’ll be left with, which is also known as net, or take-home pay.

For example, $35,000 a year in New York will leave you with around $26,430 after taxes without exemptions in 2015, or about $2,032 a month. By the same token, if you’re considering leaving one job for another in search of a salary increase, you’ll need to understand how your marginal tax rate will affect your raise and that a salary increase from $35,000 a year to $41,000 a year won’t give you an extra $6,000, or $500 per month – it will only give you an extra $4,129, or $344 per month (again, the amount will vary depending on your state of residence). Also, you’ll be better off in the long run if you learn to prepare your annual tax return yourself, as there is plenty of bad tax advice and misinformation floating around out there.

Guard Your Health

shutterstock_160939997If meeting monthly health insurance premiums seems impossible, what will you do if you have to go to the emergency room, where a single visit for a minor injury like a broken bone can cost thousands of dollars? If you’re uninsured, don’t wait another day to apply for health insurance; it’s easier than you think to wind up in a car accident or trip down the stairs.

You can save money by getting quotes from different insurance providers to find the lowest rates. Also, by taking daily steps now to keep yourself healthy, like eating fruits and vegetables, maintaining a healthy weight, exercising, not smoking, not consuming alcohol in excess, and even driving defensively, you’ll thank yourself down the road when you aren’t paying exorbitant medical bills.

Guard Your Wealth

If you want to make sure that all of your hard-earned money doesn’t vanish, you’ll need to take steps to protect it. If you rent, get renter’s insurance to protect the contents of your place from events like burglary or fire. Disability insurance protects your greatest asset – the ability to earn an income – by providing you with a steady income if you ever become unable to work for an extended period of time due to illness or injury.

If you want help managing your money, find a fee-only financial planner to provide unbiased advice that’s in your best interest, rather than a commission-based financial advisor, who earns money when you sign up with the investments his or her company backs. You’ll also want to protect your money from taxes, which is easy to do with a retirement account, and inflation, which you can do by making sure that all of your money is earning interest through vehicles like high-interest savings accounts, money market funds, CDs, stocks, bonds and mutual funds.

The Bottom Line

Remember, you don’t need any fancy degrees or special background to become an expert at managing your finances. If you use these eight financial rules for your life, you can be as personally prosperous as the guy with the hard-won MBA.


Women Empowerment

Over the last couple years, I’ve had a front row seat to career challenges women leaders face across industries, geographies, worldviews, cultures, experience levels, and generations. Certain issues strongly correlate with specific identifiers, while others are universal. Both observation and conversations have given me an interesting window into the minds and hearts of women.

As accomplished as we are, and we are, there are counter-productive behaviors we unconsciously adopt that can get in our way. In some cases, they stop us cold before we ever step foot on the path to greatness. And even when we do achieve high levels of career satisfaction, these thoughts often cause stress along the way.

Happy-buisness-woman1_l6nj5uIf you desire to be your best professional self and make the difference only you can make, here are five things you should stop doing. Today.

1. Stop making yourself small so someone else can feel big.

Ever meet someone who seems more comfortable when you’re quiet, disengaged, or otherwise minimized? Does it feel easier to hang back, because when you lean forward, he or she becomes defensive and starts angling for position? Newsflash: That’s not your problem, and you shouldn’t limit your contribution to make others feel better about theirs. Let me be clear. I’m not suggesting you abandon discernment and get all high and mighty. I’m talking about refusing to shrink in order to enhance another’s sense of importance. The most self-respecting way to help others is to truly help them – by sharing your ideas, offering your talents, and lending your energy and support. You don’t serve anyone by diminishing yourself.

2. Stop apologizing for having a difference of opinion.

I’m sure you’ve heard the saying, “If two of us are exactly the same, one of us is redundant.” It’s true. You don’t have to agree with everyone else. In fact, women at work tend to be more collaborative, more holistic in their thinking, and often take a long-range view of business issues. Your female view is additive, and you have an opportunity to meaningfully contribute to your company vision, culture, and strategies. Additionally, working through divergent points of view improves problem solving. By thoughtfully sharing your unique perspective, you can help your team make better decisions. Speak up. And don’t apologize.

3. Stop assuming you can’t have a family AND a career.

I met a woman at a conference earlier this year who expressed concern about her opportunity to be a mom and have a flourishing career. I understand the sentiment, but this woman wasn’t even married yet, never mind pregnant. It occurred to me that she was already succumbing to the narrative about work-life balance well before she had any real choices to make. Here’s the deal: If you assume you can’t, you won’t even try. Any woman who has successfully navigated both realms will admit that she absolutely has to make difficult choices at times. But it can be done, if you want to do it. What’s more, the sooner companies embrace creative ways to unleash the power of women’s leadership while respecting their various roles, the more desirable those companies will be in the eyes of female and millennial talent. This will help those companies thrive in the long run. Don’t deny what you want. Say yes to your goals, and honor your needs in the process. Everyone will benefit, including the women who come behind you, and the men who share the same needs but are less likely to request flexibility. If your employer isn’t supportive, I offer you the immortal words of my good friend and workforce expert Trudy Bourgeois: “If your company doesn’t work for you, don’t work for it.”

4. Stop compromising your health, for anything…especially work.

Every now and then, you need to hop off the hamster wheel for a bit. You usually know when you’re about to hit a wall. Don’t wait for it. Take a mental health day, plan a weekend getaway, hide in your bedroom for a couple hours. If you live with other people, ask them to give you some privacy. The older I get, the better I understand why people say good health is our greatest gift. Without it, everything else – deadlines, difficult bosses, challenging employees, shortsighted clients, projects going off the rails– becomes unimportant. Take care of yourself, physically and emotionally, so you can reach your full potential.

5. Stop confusing what you do with who you are.

I believe it’s critical to know who you are (beliefs, values, purpose, and skills), so you can align who you are with what you do. Job satisfaction increases exponentially when there is harmony between the two. But while they complement each other, they are not the same thing. Sometimes we attach our esteem to work activities, and when our performance takes a hit, our self-worth takes one, too. Feedback is a valuable and necessary tool – it allows you to refine your skills and improve your overall effectiveness. That said, you have to be careful not to interpret constructive criticism as a character assassination. It sounds extreme, but I’ve found that even though women know this in theory, we still struggle to distinguish between a job and a person doing the job.

If you desire a more fulfilling career, take time to reflect on which of your behaviors enable your goals versus detract from them. Ask yourself, “What should I start doing? Keep doing? Stop doing?” Consider this list a springboard to start your own introspection.

Wishing you renewed energy in the months ahead, and the confidence to know you are worthy…and able!

Women Empowerment, World economy & politics

What’s the biggest difference between those who succeed and those who don’t? Mindset. It’s a small thing that makes a big difference and is the primary catalyst driving your feelings of self-worth, competence and confidence.

Make no mistake, the most successful people have it. And if you intend to ascend to those coveted ranks, you’re going to need it, too. Are you willing to do the work and elevate your mindset to achieve uncommon success?

Consider the following five elements to help you develop a successful mindset:

1. Self-Talk

Ever think the only conversations that matter are the ones you have with someone else? Not quite. The conversations you have with yourself are the most important ones you will ever have. To be clear, we talk to ourselves all day, every day. Eventually, all that robust data adds up to create our individual self-concepts. Be careful what you say to yourself. Plant seeds of positivity and inspiration, rather than criticism and doubt.

2. Intentions

SUCCESS-WOMANYour intentions set the tone for how skillfully you navigate personal and professional success. Have you set yours high enough to challenge the status quo? If not, think bigger and push past your comfort zone. Get comfortable being uncomfortable, because that’s where the real growth happens. Setting your sights high and believing in the most remarkable outcomes you can attain changes the way you show up in the world. Believe me, no one has ever regretted embracing the power to think big.

3. Grit

When it comes to success, world-renowned psychologist Angela Duckworth says, “Talent counts, but effort counts twice.” Got grit? If not, know this: Both passion and perseverance are vital to your long-term success. Experiencing initial excitement when deciding to pursue a New Year’s resolution is quite common. Less common and far more difficult is the sustained focus and drive—throughout long periods of time—needed to achieve it. Grit helps us push past the desire to give up, especially when things get rough. Fortunately, it can be learned and continually developed over time.

4. Strategy

Declaring a goal, without more, will do little to ensure its success. Only substance and structure will successfully ignite and move it forward. Begin by chunking your goal into smaller segments to organize it, making it more manageable. Then create a strategic plan with scheduled activities and outcomes that will help to assure its success. Notice what works and be proactive about tweaking key elements where necessary. Be open to feedback and embrace innovation along the way.

5. Execution

Creating a strategy is one thing, but executing it is another. Decide in advance that taking strong action will be the litmus test for your success. Sure, there will be days when you won’t feel like working or perhaps even be discouraged. No matter. Your goal is to take bite-sized pieces of the apple until it is finally consumed. Whether making a phone call, sending an email or physically maneuvering to achieve the next steps, dig deep and take action. Execution helps you build trust in yourself, as well as reflects successful past performance, bringing you one step closer to your desired outcome.

Are you ready to stack the odds in your favor by mastering a successful mindset?

Women Empowerment, World economy & politics

I don’t know about you but I find SMART goals to be so dull. Don’t get me wrong, SMART goals are certainly effective, but that doesn’t mean they’re exciting.

Much has been written about goal setting so I won’t bore you with yet another article on how to set goals. I will, however, share with you five reasons why goal setting works. After all, we know that goal setting is important because they build self-confidence and help you increase productivity but the science behind why goals help us focus is more opaque. The beauty of knowing why something works makes you  A) more willing to embrace it (whatever “it” is in this case) and B) more informed, which therefore makes you better suited to make decisions. Put it this way, can you think of a business initiative, company policy or meeting memo that, had you known just a little more about, would’ve helped you to make better, more informed decisions? Don’t we all.

Here are five reasons why goal setting will improve your focus:

1. Goals trigger behavior.

goal-settingHaving a clear, compelling goal mobilizes your focus toward actionable behavior. In other words, goal setting should motivate you. Let’s assume, for example, that John Doe has a goal of saving money to purchase a new car. You ask him what type of car he wants and he replies, “Anything that runs.” Do you think that motivates John? Probably not. The problem here is that the end state isn’t clear. Conversely, if John Doe’s goal was more specific, such as “Save $10,000 by December to purchase an end of year deal on a new Tesla,” now he has something to aspire for; he has a mental cue that triggers his focus and motivates him to begin saving.

2. Goals guide your focus.

When you set a goal you naturally direct your attention toward a next step and, as a result, lead yourself in the right direction which forces your actions—your behaviors—to follow. It’s a cheesy saying but I’ll say it anyway: whatever the mind believes, the body achieves. The body follows the mind.

3. Goals sustain momentum.

Seeing progress is addicting. No seriously, it’s literally addicting because of the dopamine released in your brain after attaining a reward. Just as a snowball grows in size as it’s rolled down a hill, momentum works the same way. Just think of the last time you were really “in the groove” where you said to yourself, “I’m on a roll!” That’s momentum. Whatever you were doing you probably didn’t want to stop because you were what Mikhail Csikszentmihalyi called flow, which is the optimal state of mental performance.

4. Goals align your focus.

Goal setting helps you align focus with behavior because you get feedback on your progress. The actions you take—or avoid—offer clues about your values, beliefs, challenges, strengths and weaknesses which allow you to course correct as necessary and reset your goal achievement strategy (and subsequently, your focus).

5. Goal setting promotes self-mastery.

Perhaps the most important reason why goals work is because they build character. Actually, achieving goals builds character. While the process of goal setting is important because it helps unearth and identify what’s truly important to you, pursuing your goals is the real money-maker (literally and figuratively) because it builds self-efficacy; it develops yourself as the type of person who can achieve goals.

Remember, you can’t manage what you don’t measure and you can’t improve what you don’t manage.  Start with goal setting.


Weekly Market Outlook

China may be growing at its slowest annual pace since 1990, but it’s still the powerhouse of global growth. That’s something Donald Trump’s trade hawks will need to consider if they’re truly serious about risking a conflict with China to win economic concessions.

Not only would a clash derail bilateral ties, it might also deep-six a nascent global recovery.

Powered by government stimulus that fired up smokestack industries and a burgeoning middle class that’s spending on everything from Starbuck’s coffee to Apple iPhones, China’s gross domestic product grew 6.7 percent in 2016. That means it likely contributed 30 percent of global growth last year, slightly above its 28 percent contribution in 2015, according to Rajiv Biswas, Asia-Pacific chief economist at IHS Global Insight in Singapore. ccpp2If Trump backs up harsh campaign rhetoric — he accused China of raping America and cheating on trade — with punishing tariffs, the move would have repercussions for supply chains in South Korea, Taiwan, Japan and beyond. Nor would the U.S. economy escape unscathed: state-controlled media have warned the incoming Trump administration that Beijing has a “big stick” to punish U.S. companies that sell goods and services to China.

“With China America’s third largest and most rapidly growing export market, that’s hardly a trivial consideration for a growth-starved U.S. economy,” said Stephen Roach, a senior fellow at Yale University and former non-executive chairman for Morgan Stanley in Asia. “Also expect China to be far less interested in buying Treasury debt – a potentially serious problem in light of the expanded federal budget deficits likely under Trumponomics.”

Chinese President Xi Jinping warned in a speech at the World Economic Forum in Davos this week that heightened trade tensions would produce no winners–only losers.

The stakes are high. Trade between the world’s two biggest economies supports around 2.6 million American jobs, according to the U.S.-China Business Council. While the U.S. continues to have a gaping goods-trade deficit with China, its exports of services to the country are growing rapidly. Between 2006 and 2014, they climbed more than 300 percent.

“If Trump were to apply a broad, 15 percent tariff on imports from China, the impact on the Chinese economy would be significant, but it would be much lighter than most people expect, because China is no longer an export-led economy,” said Andy Rothman, a San Francisco-based investment strategist at Matthews Asia, and previously a U.S. diplomat in Beijing.

Data Friday from Beijing underscored that shift. Consumption contributed about two thirds of full-year growth, while net exports were a drag on the economy. China’s service sector has eclipsed manufacturing and now accounts for 51.6 percent of annual economic output.

Trump, of course, could be bluffing about imposing punitive trade measures on China and the President’s powers on applying tariffs are limited. He may opt to push back against the dumping of excess supply of iron and steel by China through the World Trade Organization, a process that would take time to resolve and fall well short of sparking a trade war.

Trump has also walked back from some of his harshest criticism, telling the Wall Street Journal that he no longer plans to label China a currency manipulator on his first day in office. His pick for Treasury Secretary, Steve Mnuchin, agreed during a Senate confirmation hearing that China has shifted recently from efforts to weaken the yuan. He did say, however, he is willing to label China a manipulator if warranted.

Business executives seem sanguine, for now. HSBC Holdings Plc Chief Executive Officer Stuart Gulliver told Bloomberg Television at Davos that his “operating assumption” was for the U.S. and China to “tweak” rules on country of origin and dumping goods below fair market value.

Still, Trump has proven anything but predictable. Going after a big trading power like China would reverberate around the global economy. China is the biggest trading nation to twice as many countries as the U.S., according to Parag Khanna, a senior research fellow in the Center on Asia and Globalisation at the Lee Kuan Yew School of Public Policy at the National University of Singapore.

It’s also the case that while consumption and services are increasingly fueling growth in China, the wider economy is being held back by a drag from rust belt regions. That’s a theme also prevalent in industrial nations such as the U.S. and U.K., which has spurred a surge in populism that helped lead to Trump’s election and Britain’s plan to leave the E.U.

“Hurting China will hurt global growth and make its way back to the U.S.’s own growth,” said Zhu Ning, author of “China’s Guaranteed Bubble” and deputy director of the National Institute of Financial Research at Tsinghua University in Beijing. “It is, indeed, a decision that President Trump has to be extremely careful about.”


Weekly Market Outlook

Early in his first press conference as president-elect, Donald Trump said he would make pharmaceutical companies bid for U.S. business because they were “getting away with murder” on drug prices. Indexes that track pharmaceutical stocks plummeted. It was classic Trump, doing what economists call “jawboning,” or moving markets today with threats of action in the future.

Presidents and Federal Reserve chairs have jawboned before, usually from behind a podium or in a carefully crafted statement. But when Trump wants to cut the cost of the next version of Air Force One or stop companies from sending jobs overseas, he bullies, intimidates and threatens via Twitter. His policies change by the week, but it’s clear they won’t fit any classic economic mold. What’s less certain is whether this ad-hoc approach will yield the results Trump advertises. Here’s what to expect from Trumponomics:


about_body_img_1Like other Republicans, Trump sometimes talks about how economic growth creates jobs. More often, however, he talks about a fixed sum of jobs in the world. Jobs are “taken” by other countries, to be taken back through negotiation. When he cajoles companies to drop plans to invest in factories abroad, he uses a classic European approach known as dirigisme, which elevates the state’s interests over those of employers or free-market forces to influence corporate investment. Here, jawboning has created results, albeit minuscule in an economy that regularly creates more than 150,000 new jobs a month. Since the election, Fiat Chrysler, Wal-Mart, Lockheed Martin, Sprint and a half-dozen other large employers have pledged to hire more than 200,000 new workers. Critics say companies are repackaging existing plans into something Trump can claim credit for as a way of currying favor.


Trump is a protectionist on trade, notwithstanding his advisers’ disclaimers. He has called the North American Free Trade Agreement among Canada, Mexico and the U.S. the “single worst trade deal ever approved in this country.” He wants to confront China more forcefully within the World Trade Organization. He promises to withdraw from the 12-nation Trans-Pacific Partnership and free-trade talks with the European Union. He’s jawboned aggressively on trade, threatening 35 percent tariffs on goods that U.S. companies send over the border from plants in Mexico and 45 percent on exports from China. Trump has also said he would instruct his Treasury secretary to declare that China manipulates its currency to sell products more cheaply to the U.S. China so far seems impervious to jawboning; it has yet to respond with any concessions.

Fiscal Policy

The new president wants to preserve Social Security and Medicare benefits, which aligns him more with Democrats than Republicans on entitlements. He is also wildly out of step with his party’s fiscal hawks in calling for investment of as much as $1 trillion to revitalize public works, a classic liberal approach to governing and one way to reward the blue-collar workers who helped elect him. He sometimes says he will borrow money to do this while interest rates are low. His advisers say it could be done through tax credits. Trump hews to the Republican standard of lowering taxes to stimulate growth. His plan calls for individual and corporate tax cuts that critics say would balloon the deficit by at least $4 trillion and as much as $6 trillion over 10 years. To pay for the cuts, Trump has said that, like congressional Republicans, he prefers “dynamic scoring,” a wonky way of saying tax cuts will create economic growth, increase tax revenue and make spending cuts unnecessary. Trump would also assume increased tax revenue from regulatory cuts — a move without precedent in government budgeting.

Monetary Policy

bashnya-svobody-sshaTrump often singled out the Fed for scorn during the presidential campaign. He accused Fed Chair Janet Yellen of keeping interest rates “artificially low” to improve Barack Obama’s record on jobs. Trump’s views seem influenced by his personal experience as a real-estate developer. Under Yellen, the Fed has come around to the idea that the natural rate of interest – what the rate would be, without any policy intervention – is much lower than it has been historically, and perhaps even below zero. Trump seems to think rates should resemble what he generally paid to borrow in the 1980s and 1990s, and it wasn’t close to zero. At times, Trump shows libertarian instincts on monetary policy by supporting legislation to reduce the central bank’s independence with regular audits of policy deliberations.


True to his business roots, Trump believes regulation stifles economic growth. He promises to roll back the Dodd-Frank Act on financial reform, the Affordable Care Act and Obama’s clean power plan. He has said he would abandon U.S. commitments under the Paris climate-change accord. He has also said he would preserve rules that protect health and safety. He doesn’t seem to share others’ worries that deregulation could worsen climate change or invite another financial crisis. Deregulation fits his understanding of how economic growth is created: Businesses create jobs; by lowering taxes and cutting regulations, businesses will create more jobs. Since the election, some companies that have publicized new jobs have cited the promise of lower regulation under Trump — a classic jawboning result.


Trump likes to call himself the “king of debt,” and made waves when he suggested he’d try to refinance the $20 trillion federal debt by buying it back at a discount on the open market. Government debt experts expressed alarm, with one former Treasury official calling Trump’s comments “lots of very loose talk on a subject where there shouldn’t be loose talk.” Though he often refinanced the debt on his own projects and forced creditors to take losses, doing so with U.S. debt would be difficult. It would involve issuing new bonds, most likely at higher interest rates, which would offset any gains from buying back old debt. It could also place the U.S.’s credit rating and its standing with investors at risk.


Between Trump’s election and his inauguration, the U.S. dollar rose almost 5 percent against a basket of 10 major currencies. It was sent aloft by expectations that he’d cut corporate taxes, spend big money on infrastructure and ditch dozens of regulations. But the surging dollar clashes with Trump’s other pledge to create millions of new jobs by reviving U.S. manufacturing. To do that, he needs the dollar to weaken to help exporters sell more of their goods abroad. In Trumpian fashion, he sought to jawbone the dollar down in a Wall Street Journal interview just before his inauguration, when he pronounced the dollar as “too strong.” The dollar duly lost some of its value, but that could be temporary. If Trump heats up the economy with tax cuts and government spending, as he promises, the Fed may need to raise interest rates more aggressively than planned, attracting more dollar investors and driving the greenback ever higher. Even Trump can’t jawbone capital back across the border, which is why presidents try to avoid talking about the currency.