In the wake of Trump's Liberation Day tariff announcement, we saw US stocks, bonds and the dollar all fall at once,

in what many interpreted as a broad shift away from investing in America.

When the stock market falls and volatility explodes like it did last week, you'd expect

treasury yields to fall as investors rush to safety and buy treasury

bonds. That didn't happen this time around. Investors were instead selling treasuries

and their yields were spiking higher. When you see treasury yields rise like this, you'd normally

expect the dollar to rise, as the higher interest rate should attract

investors. That didn't happen this time either. As Robert Armstrong described it in the

F.T., the US policymakers had been unpredictable and incompetent at a moment when high deficits

and lingering inflation worries mean that there's no room for amateurism.

As the economist said, if investors are fleeing even though bond returns are up,

it must be because they think America has become more risky.

They went on to say that rumours are rife that big foreign asset managers are dumping greenbacks.

These wild swings in the bond market and the fall in the dollar by most accounts caused

Trump to announce a 90-day pause on tariffs.

Well, I thought that people were jumping a little bit out of line.

They were getting yippy, you know? They were getting a little

bit yippy, a little bit afraid, unlike these champions. During the market chaos, we saw other

safe haven markets rise as money moved into German, Japanese and Swiss government bonds,

along with gold. The head of foreign exchange research at Deutsche Bank wrote in a note that

the market is reassessing the structural attractiveness of the dollar as the world's global

reserve currency and is undergoing a process of rapid de-dollarization. Many compared the sell-off

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