The competitive position of U.S. exports in foreign commodity markets has deteriorated over the past year. It is argued by some that a rising dollar has made U.S. exports less competitive in foreign markets by causing their foreign-currency prices to rise relative to those of commodities produced in other countries—especially farm sector commodities. The ultimate “blame” for the dollar’s strength has been placed on the Federal Reserve’s current “tight” monetary policy stance. This article assesses the validity of this claim. Specifically, the article focuses on the impact of money growth on inflation and exchange rate movements over both short- and long-periods to investigate how U.S. exports are affected.