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Hugh Coveney's avatar

Thanks, Robin. If Trump’s Bill passes in its current form (which perhaps looks increasingly unlikely), adding to the deficit as it is, do you still think the dollar is in a multi-decade strengthening cycle?

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Bruce Isaacson's avatar

Have commented for you previously the hypothesis that markets are losing faith in US governance. We do not evidence the ability to move economic policy rationally in ways that can be anticipated. Thus, the dollar decline in opposition to fundamentals reflects both animalism (fear) and unease about the management of the reserve currency. I don’t think the reserve currency is in real danger, but there’s enough uncertainty to drive dollars down and yields up for our debt.

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