In the past 13 corrections or bear markets in the S&P 500, the dollar went up in the first 12 of them by around 8-10%; during the 2025 tariff tantrum correction, the dollar dropped 8-10%, corroborating the thesis that the reaction function is changing and the dollar will weaken during the next risk-off period.
factualpending
Speaker
Jeff GundlachEvidence Quote
“in the past 13, including that one in 2025, corrections and or bear markets in the S&P 500, the dollar went up in the first 12 of them, all 12. And it went up around 8 to 10%. And I was watching to see if my thesis was right, then the next risk-off period that the dollar would actually go down and indeed that's what happened. During the the tariff tantrum, the dollar dropped about 8 to 10%.”
Created: 8/12/2026, 6:25:56 PM
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