The first part of the diagnosis has been right on as currency devaluations make Asian imports more affordable for American consumers and as Asia's struggling economies demand fewer U.S. goods and services. But predictions of slower U.S. growth have been wrong. So far at least. The National Association of Manufacturers reports its members are finally feeling a touch of the flu. Howard Lewis is the Association's vice president for economic policy.
Economists expect that to change as the single currency sparks new growth across the Atlantic.
In Washington, I'm John Dimsdale for Marketplace. There are clearly some hacked off people in the market, following the U.S. government's lightning strike intervention on behalf of the Japanese yen Wednesday. The New York Times has an article today with some sharp criticism leveled at Treasury Secretary Robert Rubin for making comments last week strongly suggesting the U.S. would not intervene and then switching gears six days later. Some think Rubin misjudged China's concern about the yen imbalance. Others think the Treasury Secretary knew exactly what he was doing in trying to burn the fingers of those who've been betting so hard on the yen's continued drop.