come from other dollar denominated assets. It's gone from US equities into treasuries. Some of it, I think, as you say, has gone as the result of the fact that not only have US treasury yields fallen, but European and Japanese yields have fallen a lot as well. I know it can seem counterintuitive given that Japan is one of the countries potentially in the crosshairs here, but the yen continues to be a major safe haven in this regard. I think a number of people have looked around and said, well, US high yields, US equities, a variety of assets have looked pricey. From the dollar standpoint, I think there's been an arc here of flows that's really, really been based on relative monetary policy as well as geopolitics. That's been over the last nine months or so. We had a period where after some countries moved out of deflation, people started finally expecting the Federal Reserve to hike interest rates and expecting the ECB not to do very much, that there was a significant move into US (17/45)
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