SINGAPORE: In the afternoon of Oct 8, the US Federal Reserve published the minutes of its last policy meeting.

The big surprise was not any new discovery on when the Fed would raise rates — the consensus is still June next year — but the US central bank’s concern about the strength of the US dollar and the risks it poses to the ongoing US recovery.

One man who found the Fed’s comment very strange was Cliff Tan, East Asia head of Global Markets Research for The Bank of Tokyo Mitsubishi UFJ in Hong Kong.

Tan was once a staffer at the Fed where he worked as a China economist. “The Fed never ever talks about the dollar,” says Tan.

A veteran economist, Tan has worked for 25 years in financial services, the public sector and academia.

He was an economist at Societé Generale, Citigroup, Warburg Dillon Read (since merged with UBS) and at the Wellington Management Co in Boston.

A graduate of Harvard and Yale universities, he was also a lecturer at the University of Hong Kong and consulting professor at California’s Stanford University. ...


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