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Related tickers and likely impact
DXY
• NeutralRelevance: medium
| Market | Currencies |
|---|---|
| Close on 10/23/2026 | 101.74 |
| Change that session | +0.11% |
QQQ
• NeutralInvesco QQQ Trust
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/23/2026 | 704.39 |
| Change that session | -0.01% |
SPY
• NeutralSPDR S&P 500 ETF
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/23/2026 | 759.85 |
| Change that session | -0.54% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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In an October 21 interview with Larry Kudlow, Forbes media chairman and editor-in-chief Steve Forbes argued that inflation reaching grocery, fuel and household bills comes from a weak dollar, even as third-quarter GDP grew 3.5%. He urged the Fed to “cut the printing presses and shrink the balance sheet and appreciate the dollar,” as rate hikes cannot address import-driven price increases. He cited import prices up 8%, with non-fuel import prices up 6% and fuel import prices up 5% last month. The article notes that Walmart, Target, Costco and TJX booked tariff refunds that lifted margins, with Target's $994 million pretax refund pushing adjusted EPS to $4.11, while a stronger dollar would lower costs for importers but weigh on commodity producers, gold and companies such as Apple with large foreign exchange exposure.
- Forbes editor urges Fed to cut printing, shrink balance sheet and appreciate dollar to combat import-driven inflation
Steve Forbes told Larry Kudlow on October 21 that the Fed should stop printing money, shrink its balance sheet and let the dollar strengthen, arguing that import-driven inflation reflects a weak dollar. He cited third-quarter GDP growth of 3.5% alongside import prices up 8%, including non-fuel import prices up 6% last month. In his view, rate hikes cannot fix currency-driven inflation, and the Fed is responsible for the dollar's integrity even though no one, including the Fed, can control oil prices. Retailers that booked tariff refunds show how sensitive margins are to trade costs, with Target recording a $994 million pretax refund and Walmart eligible for about $2.9 billion. A stronger dollar would lower import costs for these retailers but would weigh on companies like Apple, which expected currency movements to drag on its growth.
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The U.S. dollar steadied in Asia as traders weighed differing rate expectations ahead of five central-bank decisions next week, with AI spending seen possibly keeping U.S. growth firm and policy restrictive. Reuters reported markets expect the Fed, ECB and Bank of Japan to hold rates, while increases are anticipated in Canada and New Zealand, though these are market expectations rather than official decisions. The Fed raised its target range by 25 basis points to 3.75%-4.00% on Sept. 16 and meets Oct. 27-28, when traders expect no change before a possible increase in December. UK consumer price inflation rose to 3.5% in September from 3.1% in August, while New Zealand's annual inflation eased to 3.7% in the September quarter from 4.1% but stayed above the 1%-3% target band, and Canada's rose to 3.1% from 3.0%. Reserve Bank of Australia deputy governor Andrew Hauser said oil prices, AI-related demand and domestic capacity limits are inflation risks.
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