Foreign investors selling stocks and bonds are hoarding the U.S. dollar as market volatility picks up
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The trend is another example of how decades-high inflation, and central banks’ response to it, is upending all manner of markets, including stocks, bonds, cryptocurrencies and commodities. The S&P 500 last week entered a bear market, or a drop of 20% from a recent high, and the dollar is emerging as the world’s haven. That means that theas well, as the Federal Reserve and other central banks draw down their easy-money policies in an attempt to stop inflation.
While asset managers contend that the dollar is overvalued at current levels, they don’t see many other options. They generally agree that central-bank policy and a flight from risky assets are keeping the world’s reserve currency at multidecade highs even though concerns of a U.S. recession are rising.
. Gov. Haruhiko Kuroda said raising rates could hurt the Japanese economy, which is dealing with lower inflation than other countries, including the U.S. and the U.K.raised its key interest rate
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