As U.S. stock prices tumbled this month, John Sidawi, a fund manager at Federated Hermes, noticed something strange.
The dollar, long a go-to hiding place during market selloffs, wasn¡¯t rallying this time as investors rushed for safety. It was sinking, fast, as hot money poured into gold, the yen, European stocks ¡ª almost anywhere but the U.S.
¡°It¡¯s unusual and very telling,¡± said Sidawi, who helps oversee bond investments at the firm. ¡°The dollar, in an environment where it should be acting like a safe haven, is not.¡±
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