Thinking in Markets

S1E193 - The Portfolio Consequence of Physical Dollar Demand


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Michelle and Vox examine why U.S. currency in circulation was almost flat from mid-2023 to early 2025, then began growing faster. Listeners will learn how physical dollar demand, foreign cash holdings, stablecoins, interest rates, and reserve drains fit into a practical liquidity risk framework.

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Thinking in MarketsBy Vox