As a result, investors have concluded that the administration is content to allow the currency to slide, at least for a while.
His remarks caused a drop in American stock and bond markets as investors concluded that a further increase was more likely than many had thought.
As a result, investors gradually concluded that he had lost his touch.
But some analysts believe investors might conclude that China has deeper debt problems than official figures reveal.
In July, when the overall market hit a five-year low and then rebounded, some investors concluded that the worst was over.
With two Fed rate increases already in the bag, investors could fairly conclude that the central bank would wait quite a while before acting again.
With interest rates low, many investors concluded they ought to buy stocks to have a hope of getting the returns they expected.
Having started at 21% last July, investors would naturally conclude that they're only one step away from 100%.
Yet investors have apparently concluded that industry profits are about to rebound.
Companies should be required to disclose enough information in these areas to allow investors to conclude whether games are being played.