Over the past six months, markets have weathered a string of US-centric shocks, from trade war chaos to debt-ceiling brinkmanship.
In recent weeks, Federal Reserve caution and last-minute fiscal deals have eased the threat of outright panic. But the damage is done: foreign-exchange traders have attached fresh risk premia on the dollar, triggering one of its sharpest deratings since the 1970s. That shift matters. Investors no longer assume the dollar's strength as a given. The old mantra - strong unless proven weak - has been replaced by its inverse. Investors warn American exceptionalism 'not dead but diminishing' This reversal reflects growing doubts about American exceptionalism. Political brinkmanship, erod...
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