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Swap lines a drop in the bucket for US dollars

June 30, 2020 - 14:00 -- Admin

Via Damien Boey at Credit Suisse: An un-natural vision of stability. The US trade deficit, a proxy for foreigners’ US dollar (USD) saving, is exhibiting remarkable stability of late. Ordinarily, stability tells us that there is nothing further to see – but sometimes, it can actually be a deceptive sign of instability. Consider that the national accounting identity says that

The post Swap lines a drop in the bucket for US dollars appeared first on MacroBusiness.

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