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Why is the dollar foreign exchange higher than the Fed's liabilities?
Because America is printing money like crazy.

The Federal Reserve adopted a "credit easing" strategy to deal with the financial crisis. One of the main contents of "credit easing" is that the Fed actively adjusts the structure of assets and liabilities.

The Federal Reserve generally refers to the Federal Reserve system in the United States. The Federal Reserve System, the Federal Reserve, is a privately owned central bank in the United States.