2025-04-21
8 分钟The Economist Hello, Mike Bird here, co-host of Money Talks,
our weekly podcast on markets, the economy and business.
Welcome to Editor's Picks.
We've chosen an article from the latest edition of The Economist,
which we very much hope you'll enjoy.
The dollar is meant to be a source of safety.
Lately, however, it has been a cause of fear.
Since its peak in mid-January,
the greenback has fallen by over 9% against a basket of major currencies.
Two-fifths of that fall has happened since April 1st,
even as the yield on 10-year treasuries has crept up by 0.2 percentage points.
That mix of rising yields and a falling currency is a warning sign.
If investors are fleeing even though returns are up,
it must be because they think America has become more risky.
Rumours are rife that big foreign asset managers are dumping greenbacks.
For decades, investors have counted on the stability of American assets,
making them the keystones of global finance.
The depth of a $27 trillion market helps make Treasuries a haven.
The dollar dominates trade in everything from goods and commodities to derivatives.
The system is buttressed by the Federal Reserve, which promises low inflation,