The Dollar See-Saws between Two Views on Fiscal Explosion

Fiscal explosion is not in the economic dictionary. But in the foreign exchange markets and bond markets this intuitive concept has sometimes powered a narrative which drives long-term US interest rates and the dollar upward in tandem. The puzzle to explain at such times, whether the early 1980s, or autumn 2023, is why the dollar shrugs off the inflation danger of so much red ink in the government accounts.  “And I heard a voice in

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