On the one hand there is the (self-admitted) persistently over-optimistic Fed saying it's not a big deal: BULLARD SAYS DOLLAR NOT A HUGE FACTOR FOR U.S. ECONOMY And on the other hand, this is what actual CEOs are saying... PPG 1/15 - "The company expects that year-overyear currency translation will unfavorably impact sales" United Continental 1/22 - "While a strong dollar is good for our fuel purchasing, it reduces the revenue received from international ticket sales." JNJ 1/20 - "...If currency exchange rates were to remain where they were as of last week for the balance of the year then our sales growth rate would decrease by nearly 5.5%" American Express 1/21 - "We, like many other global companies, had a significant negative impact on our growth rates this quarter from the strengthening U.S. dollar." United Rentals 1/22 - "The Canadian dollar has been weakening pretty consistently... that would be another 6% or so year-over-year headwind from the currency going down. So that’s a non-trivial amount of revenue that could erode." Kansas City Southern 1/23 - "If the peso continues to deteriorate... we will see additional headwinds" MMM 1/27 - "in tough environments and fighting through tough headwinds... That includes a stronger U.S. dollar, which reduced fourth quarter sales by more than 4%" DuPont 1/27 - "macroeconomic and market headwinds including a weaker ag economy, stronger dollar... the dollar continued to strengthen against most currencies, impacting segment results" Danaher 1/27 - "The strengthening of the U.S. dollar since our December investor meeting is expected to reduce 2015 earnings by approximately $0.10 per share." * * * HHmm.. who do you believe? The Fed or The CEOs?