In recent years, the value of the dollar was driven by rate differentials, with foreign investors drawn to the US’s stronger growth and higher risk-free income. That relationship has broken down since April
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Gold (+28%) and Bitcoin (+26%) are now the top performing major assets so far in 2025. We’ve never seen these two in the #1/#2 spots for any calendar year
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We are witnessing history in the markets: The S&P 500’s 3-month realized volatility dropped by 8.2 points on Thursday, the largest single-day drop since 1987
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