Executive Summary Policy rate: Cut by 25 bps; December remains data‑dependent. QT: Halted from Dec 1 after ~3 years of balance‑sheet runoff. UST purchases: Potential targeted, technical buys to smooth money‑market plumbing—not broad stimulus....
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...