Forex
US Dollar Bill Demand Plummets as Rates Rise
Rising interest rates have led to a decrease in demand for physical US dollar bills.
According to Apollo's chief economist Torsten Slok, federal data on annual currency print orders shows this shift clearly.
The Federal Reserve's data illustrates that when the federal funds rate was near zero, the public's appetite for dollar bills increased significantly. However, as interest rates have risen, so too has the amount of money in circulation.