Which Way Is Up Problems on the Dollar at the WSJ

The Wall Street Journal ran a short piece headlined, "Dudley [N.Y. Federal Reserve Bank President William Dudley] elevates the strong dollar in the Fed's policy outlook." The point is supposed to be that the rise of the dollar in recent weeks will both put downward pressure on inflation and increase the U.S. trade deficit, as U.S. goods become less competitive. Unfortunately, the piece couldn't quite keep the story straight. The second paragraph told readers:

"First, Mr. Dudley has elevated t...