AHN Neuroscience Institute celebrated 1,000th robotic systemassisted spinal and cranial surgery
WASHINGTON (AP) — The U.S. dollar has been surging so much that it's nearly equal in value to the euro for the first time in 20 years. That trend, though, threatens to hurt American companies because their goods become more expensive for foreign buyers. If U.S. exports were to weaken as a result, so, too, would the already-slowing U.S. economy.
Yet there's a positive side for Americans, too: A stronger buck provides modest relief from runaway inflation because the vast array of goods that are imported to the U.S. — from cars and computers to toys and medical equipment — become less expensive. A strengthened dollar also delivers bargains to American tourists sightseeing in Europe, from Amsterdam to Athens.
The U.S. Dollar Index, which measures the value of American money against six major foreign currencies, has jumped nearly 12% this year to a two-decade high. The euro is now worth just under $1.02.
The dollar is climbing mainly because the Federal Reserve is raising interest rates more aggressively than central banks in other countries are in its effort to cool the hottest U.S. inflation in four decades. The Fed's rate hikes cause yields on U.S. Treasurys to rise, which attracts investors seeking richer yields than they can get elsewhere in the world. This increased demand for dollar-denominated securities, in turn, boosts the dollar's value.
Also contributing to the currency's appeal, notes Rubeela Farooqi of High Frequency Economics, is that despite concern about a potential recession in the United States, "the U.S. economy is on firmer footing compared to Europe.''
Not since July 15, 2002, has the euro been valued at less than one dollar. On that day, the euro blew past parity with the dollar as huge U.S. trade deficits and accounting scandals on Wall Street pulled down the U.S. currency.
This year, the euro has sagged largely because of growing fears that the 19 countries that use the currency will sink into recession. The war in Ukraine has magnified oil and gas prices and punished European consumers and businesses.
In particular, Russia's recent reduction in natural gas supplies has sent prices skyrocketing and raised fears of a total cutoff that could force governments to ration energy to industry to spare homes, schools and hospitals. (European leaders have denounced Moscow's move as an effort to blackmail Europe for backing Ukraine and embracing Western sanctions in the aftermath of Russia's invasion.)
Economists at Berenberg bank have calculated that at current rates of consumption the added gas bill would be 220 billion euros ($224 billion) over 12 months, or a whopping 1.5% of annual economic output.
"This war is a 'bodyblow' to Europe,'' Robin Brooks, chief economist at the institute of International Finance banking trade group, tweeted this week. "It undercuts Germany's growth model that's based on cheap Russian energy. Europe is facing a seismic shift, and (the) euro needs to fall to reflect that.''
A European slowdown could eventually give the European Central Bank less leeway to raise rates and moderate economic growth to address its own inflation problem. The ECB has announced that it will raise its key interest rate by a quarterpoint when it meets later this month and possibly by up to a half point in September. A weaker euro feeds inflationary pressures by making imports to Europe more expensive.
Analysts at UniCredit said global recession fears were a prime driver in foreign exchange markets "amid the general view that the Fed might ultimately have more opportunity than many other central banks'' to raise rates. The analysts also noted the dollar's role as a globally recognized safe haven, in light of recent financial market turmoil, as another factor that's boosting demand for the buck.
In the meantime, the dollar's rise is complicating an already *uncertain outlook for the United States, the world's biggest economy. On the one hand, the stronger greenback makes foreign goods less expensive for Americans and eases inflationary pressures. But not by much.
Mark Zandi, chief economist at Moody's Analytics calculates that a 10% rise in the dollar over the past year, against the currencies of its trading partners, reduced inflation by about 0.4 percentage point. Though Zandi calls that a "meaningful'' impact, he notes that consumer prices have soared 8.6% over the past year, the biggest year-over-year gain since 1981.
And a sturdier currency takes a toll on U.S. companies that do business overseas. For one thing, it erodes the profits of multinational companies that rely on overseas sales. The stronger dollar makes their foreign revenue worth less when they convert it to dollars and bring it home the United States. Microsoft, for example, last month downgraded the outlook for its April-June earnings "due to unfavorable foreign exchange rate movement.''
Worse, a stronger dollar makes U.S.made products more expensive in overseas markets, while giving foreign products a price edge in the United States.
"The stronger dollar," Zandi said, "weighs on (economic) growth as it results in reduced exports, more imports and thus a wider trade deficit."
Indeed, a growing trade gap subtracted 3.2 percentage points from U.S. economic growth in the JanuaryMarch period. That was the main reason why the nation's gross domestic product — the broadest gauge of economic output — shrank at a 1.6% annual rate in the first quarter.
Economists say the risk of recession is already rising in the United States as the Fed raises borrowing costs and consumers deplete the savings they built up during the pandemic.
"The strength of the dollar,'' said Eswar Prasad, an economist at Cornell University and the Brookings Institution, "will certainly do no favors for U.S. exporters.''
PITTSBURGH, PA – The Allegheny Health Network (AHN) Neuroscience Institute recently celebrated its 1,000th Synaptive™ Modus V™ robotic system-assisted spinal and cranial surgery performed at AHN's Allegheny General Hospital. Neurosurgeons at AHN became the first in western Pennsylvania to use Synaptive™ robotic imaging technology in January 2018.
“We are thrilled with Allegheny Health Network's commitment to see a better way of visualizing anatomy to enable more informed surgical decision making”, said Synaptive's founder and President Cameron Piron. They have been an exceptional partner in driving us to continue to broaden the clinical applications for our surgical technologies. We look forward to continuing to evolve the platform with our dedicated clinical partners like AGH”
“Performing over 1,000 surgeries with the assistance of the Synaptive™ system is truly a milestone worth celebrating, not only for the Neuroscience Institute, but the entire western Pennsylvania region,” said Donald Whiting, MD, neurosurgeon and Chair of the AHN Neuroscience Institute. “This transformative technology for cranial and spinal procedures has enabled our surgeons to provide the most innovative care to our patients, offering better clinical outcomes and overall quality of life.”
Derived from a robotic arm previously used on the International Space Station to repair satellites, position astronauts and move cargo, Synaptive's Modus V surgical robotic arm with a high-powered digital microscope provides the most advanced surgical optics available on the market today. The extraordinary views of patient anatomy enable surgeons to perform less invasive procedures with unprecedented precision in ergonomically beneficial positions.
The robotic arm is used in conjunction with Synaptive's BrightMatter™ Guide neuro-navigation system, which transforms imaging and surgical planning prior to surgery, and ensures surgical accuracy intraoperatively with realtime presentation of patient data and tracking of instruments.
AHN's Neuroscience
Institute is a leading referral center for its advanced treatment of brain and spine conditions, including minimally invasive endoscopic and skull-based procedures. AHN neurosurgeons, including Richard Williamson, MD, Alexander Yu, MD and Jody Leonardo, MD were some of the first in the world to use the Modus V technology.
“Along with my colleagues, I've been using this remarkable technology exclusively for the past four years, and our patients undergoing cranial and spinal surgery do better in every possible way,” said Dr. Williamson. “Their recovery time is faster, with less post-operative pain and fewer complications.”
“Our relationship with Synaptive has helped AHN further build upon our legacy of innovation in robotassisted surgery, and we look forward to continuing our pioneering work in this field as this leading-edge technology further evolves,” said Dr. Whiting. “Robot-assisted technology undoubtedly gives our surgeons an edge in the operating room, but the impact it has on our patients is most meaningful.