A nation 250 years strong, thanks to those willing to defend it. Forever grateful to our veterans. 🇺🇸 @POTUS & @FLOTUS with U.S. veterans at Salute to America. ❤️

I run a fund the United States built in 1934 with $2 billion it made in an afternoon. It did not sell anything for the $2 billion. It raised the official price of gold from $20.67 an ounce to $35 an ounce and kept the difference on the gold it already held. We wrote a larger number next to a thing we were not touching, and the larger number was real enough to open a fund. That fund is mine now. On Friday I used it to buy the yen. I did not print the yen; the yen is Japan's to print. To buy yen you sell something else, and on Friday I sold euros. I did not sell them personally. The fund has no trading floor. It has the Federal Reserve Bank of New York, at 33 Liberty Street, and 2 primary dealers, which on Friday were Goldman Sachs and Morgan Stanley. There is, in a room on Liberty Street I have visited twice, a terminal with a key on it marked EXECUTE. I have never pressed the key. On Friday someone pressed it before 9:00 AM, several times, and I learned that the yen had been supported the way I learn most things, from the confirmation log. I did not attend. Attending is not the mandate. I keep one of the confirmations framed. Not Friday's. An older one, from a prior operation, because it is the most honest document the fund owns. It sits on a bank's letterhead and it reads, in full: Sold. EUR/JPY. Your account. The words United States do not appear in it anywhere. A nation reached across the ocean and overruled the price of money, and the paper that records the act is a form letter that does not know which country it served. I find that clean. A trade should know the account and nothing further. People treat the 1934 story as history. I keep it as the mandate, unedited. The fund was born from a single discovery, which is that a price is a number, and a number is correctable by whoever holds the pen. Everything I do is that discovery, kept current. The market spends all day arriving at a number for the yen. My work begins the moment the number it arrives at is one we would have preferred it did not. I do not argue with the market. I keep buying at the number we prefer until the screen shows the number we prefer, and then the number we prefer is the market's, retroactively, and everyone can go home. A reporter asked me last year whether any of this changes prices inside Japan. It was a generous question and I gave him the clean answer. My mandate is the exchange rate. The grocery store belongs to someone else. The rice at the Ito-Yokado in a Tokyo suburb costs about the same whether the yen prints 152 or 145; a 7-yen move on my screen is not a grain of rice on that shelf. The work stops at the exchange rate. It was built to stop there. The fund is not a rice program. I have filed nothing with the rice program. My filings go to the Federal Reserve Bank of New York, Settlement Division, and in 30 years they have never once asked me about rice. We are not careless about it. Japan spent record amounts of its own reserves defending the yen last year, and the yen kept falling, and we studied that closely. I built the deck myself. It was titled Lessons From Prior Interventions. Slide 14 read, Coordinated action amplifies signal. The slide after 14 recommended coordination. I reviewed the deck again on Saturday, and the deck was correct. None of this waits on Congress. Nobody forgot to close that door; the open door is the design. A fund that had to be voted on could not move before the market moves, and a fund that cannot move before the market is only a slower participant in it. So I was placed to the side of the vote, with money that was never appropriated, for the exact mornings when a vote would have slowed me down. I am the part of the government that does not wait to be asked. The yen closed Friday where I needed it to close. The rice at the Ito-Yokado cost the same on Saturday as it had on Thursday. My mandate covers the number on the screen. The rice is a different number, at a different desk, and I have never met the person who sits at it. But the number is holding. And I would like the record to show that the fund supports their work.

Before it was a nation, America was an investment. In that same spirit, the launch of Trump Accounts marks a historic opportunity for the next generation to invest in the American Dream. I applaud President Trump and @SecScottBessent for their work to deliver this initiative.