DEBORAH MARCHINI, CNN ANCHOR: Chris Wolfe is equity market strategist at J.P. Morgan Private Bank, and Chris has noted this isn't necessarily good for the profits of U.S. corporations that do business overseas or export there. Does that mean it's necessarily bad for stock prices if the dollar strengthens?</s>CHRIS WOLFE, EQUITY MARKETS STRATEGIST, J.P. MORGAN PRIVATE BANK: I think there's a fair amount of reflection of a strong dollar in a lot of corporate earnings forecasts. You've also seen a lot of big multinationals have experienced hedging their foreign currency exposure. So to the extent there is big change either in policy by the government or big changes in currency markets that are unexpected, it will affect the profits, most certainly -- certainly for the exporters in the United States, where their goods are now very expensive. But also if you think about companies that have operations in foreign countries, you go to translate back the euros that you earned, or the yen, and a strong dollar makes that even more difficult. So again, a hedging program is what's going to help corporate America here. But again, it's very complex; there are many moving parts here.</s>MARCHINI: Indeed. Thank you, Chris Wolfe. We'll be back to you. TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
J.P. Morgan: Fed Cut Damaging to U.S. Corporate Dealings Overseas