I should just give up now and tell everyone to read Billmon every day. Well, no one ever reads this blog anyway, so here's Billmon:

"Of course, I don't know for a fact that the Fed's latest manuever was driven by the need to make at least a token effort to defend the dollar -- although I'd be willing to bet it was a contributing factor. But I do think the dollar, and the need to manage its decline, is going to become an increasingly important element in U.S. monetary policy, especially if fiscal policy remains in the hands of the Mayberry crowd. And the Fed is going to have an increasingly hard time pretending it is focusing solely on domestic economic variables."