The US is now trading more like an emerging market (EM) due to fiscal dominance over monetary policy, evidenced by the phenomenon where short-end rate cuts caused long-end yields to rise—a behavior normally associated with EM capital flows.
causalpending
Speaker
Austin CampbellEvidence Quote
“lately the United States itself has started to trade more like an EM sort of exposure. And maybe the best example of this was when we cut rates in the short end of the curve and the long end of the curve went up.”
Source
The Secret To Maintaining Dollar Dominance | Joseph Wang & Austin Campbell LIVE @ DAS— Forward GuidanceCreated: 8/11/2026, 8:05:39 AM
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