What Do Asset Prices in April 2025 Say About Demand for the Dollar?
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We interpret exchange rate and yield curve responses to the April 2, 2025 U.S. tariff announcement through the lens of an equilibrium model capturing the portfolio balance mechanism. Disciplined by price elasticities from QE announcements, a 3-12% decline in the demand for dollar bonds (relative to
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美国国家经济研究局创建时间：
2026-07-01
