With the rise of new international conflicts and foreign countries diluting their currencies, Warren Buffett said it would not be feasible for the Federal Reserve to increase rates.
"If Europe's got them at zero, and you get higher rates in the United States, that would exacerbate a problem with the stronger dollar and funds flow," the Oracle of Omaha said on Wednesday.
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Speculation on when the Fed would hike rates took center stage last Wednesday when the central bank said it would remain "patient" on raising rates.
The U.S dollar has been climbing since mid-December and reached multiyear highs after the European Central Bank unveiled its nearly $70 billion monthly quantitative easing plan Jan. 22. The foreign exchange market was also rocked by the Swiss National Bank's decision to abandon its 3-year-old euro cap on the franc.
This has led to the dollar hitting multiyear highs, thus squeezing overseas profits from U.S. companies.
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Buffett told Fox Business that he is unaware of any significant hit his company, Berkshire Hathaway, has taken because of the rising dollar.
"We have so many different operations that I can't tell whether the dollar going up or not is good or bad for us," he said. "We have a lot of loss reserves for our insurance that are in other currencies, so when the dollar gets stronger, those reserves become lower in terms of liability."