Believing That the Fed Controls the Value of the Dollar Does Not Make It True

https://www.forbes.com/sites/johntamny/2021/12/05/ignore-the-federal-reserve-mystics-the-central-bank-does-not-control-the-value-of-the-dollar/
“As a result, the market started to do much of the stabilizing for us, selling sterling when it approached DM3 and buying sterling whenever it dipped below it.” The above quote is from The View From No. 11 , Nigel Lawson’s autobiographical account of his tenure under Margaret Thatcher as England’s Chancellor of the Exchequer.…