The Inversion Investor

The Inversion Investor

Reserve Status = Price, Not Value

Peter Pham's avatar
Peter Pham
Feb 06, 2026
∙ Paid

If the dollar were structurally declining as a reserve instrument, it would show up first in its exchange rate. Instead, DXY has held up well relative to peers despite weaker yields and global stress. What critics are actually arguing about is domestic purchasing power — which is a different question than reserve viability.

The fact that critics must lea…

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