The signal events and dominant narratives of 2025 have not had the advertised effects where on global current account and capital flow trends. are concerned. As @Brad_Setser, senior fellow at the Council on Foreign Relations, notes, tariffs raise revenue for the US, but so far its external position relative to Asia has, if anything, worsened. De-dollarization has been an eye-catching idea that still has little basis in fact. The expected revaluation of currencies relative to the USD has been more limited in scope than one might appreciate. These and many other threads are pulled together tied up in a globe-spanning #STTStreetSignals episode this week. podcasts.apple.com/us/podcast/...…