Jiang, Zhengyang; Krishnamurthy, Arvind; Lustig, Hanno; … - 2025
What can we learn from the high-frequency responses in bond and currency markets to the recent tariff announcement about the status of the U.S. dollar as the global reserve currency? The dollar depreciated by 6.5% after April 1 in spite of rising U.S. interest rates and market volatility, which...