The dollar’s role in the global economy is evolving, and its “exorbitant privilege” looks to be as well. We examine the greenback’s role as the reserve currency and the implications of the world’s changing currency appetites.

Economics is rife with self-correcting mechanisms, and we give our thoughts on how that dynamic is likely to play out in the relationship between the U.S. budget deficit and longer-term interest rates.

Tariffs can have many economic impacts, but we think investors should focus on the economic and political goals that are driving decision-making.