Inflation is high, but U.S. consumers’ relative purchasing power has never been higher
, its lowest level since August 1998. The dollar ranked behind only natural gas among the best-performing assets in August, according to Deutsche Bank analysts.
Thanos Bardas, global co-head of investment grade at Neuberger Berman, said Europe’s war-fueled energy woes have joined lagging central bank policy there and in Japan in boosting the dollar, attracting overseas investors to everything from Treasurys to U.S. stocks. Structural factors could mean that persists, he said.
This year’s surge began after the Fed signaled it would rapidly raise rates to fight inflation, even at the expense of economic growth. That sparked selling in stocks and bonds, driving up the two-year Treasury yield, which typically moves with expectations for Fed policy. Others piled in to shelter from simultaneous selling in stocks and bonds, eventually sending the WSJ Dollar Index to multidecade highs.
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