A tipping point for the stock market
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THE US Treasury might like to talk tough. Secretary Scott Bessent’s latest salvo was directed at foreign-exchange traders. He warned them against betting against the US dollar.
“I am the house now... you can bet against me if you want,” he told them. He was referring specifically to the US Treasury’s support for the yen.
Bessent might just be able to pull off his audacious support for the Japanese currency, but only if the Bank of Japan plays ball by raising interest rates.
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