The US dollar carry trade fundamentally broke due to central bank losses on fixed-income holdings, not due to tariff dynamics, making tariffs a symptom of deeper structural change rather than its cause.
causalpending
Speaker
Daniel LayaEvidence Quote
“ultimately what is what is going on in the economy is is quite far away from the tariff tantrum”
Source
Inflation Is Not a Mistake – It’s a Strategy, 2025 Crash Explained | Daniel Lacalle— Soar FinanciallyCreated: 8/11/2026, 7:10:29 AM
My Notes
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