The supply-siders have been saying this since Reagan was in office. Jude Wanniski's wrote similar statements in his newsletters and book: "how do you expect to

The supply-siders have been saying this since Reagan was in office. Jude Wanniski's wrote similar statements in his newsletters and book: "how do you expect to make something more valuable by making it more expensive" (the interest rate being the price of money). Looking at actual rates, not targets, the overnight target is a blunt instrument that doesn't always follow the target very well. And even when it does, the exchange rate relationship seems to take long vacations. Art Laffer had similar views IIRC from a paper he did looking at the trade-weak dollar connection.