We were concerned always with excessive volatility in exchange rates, but we don’t have a target for the exchange rate, as you know. The volatility in foreign exchange markets, particularly among the advanced economies, has been attributable more to what has happened to the dollar than events linked with other parts of the world.
As the Secretary noted in his letter, non-CARES Act funds in the Exchange Stabilization Fund are available to support emergency lending facilities if they are needed. Everything the Fed does is in service to our public mission.