The Fed eased pressure (rate −25 bps, balance sheet reduction halted) without turning on the money printer. The market’s main lever is U.S. real yields. If they drift lower, that supports the euro and...
2025 has put the dollar under a spotlight: a deficit >6% of GDP, debt >100% of GDP, debt service north of $1T a year, and inflation stuck around ~3%. Against that backdrop, two clear...