William Blair：2025年经济周评：美元困境报告（英文版）

The U.S. economy is going through a number of major regime changes—from a low and stable inflation regime to a mostly low but also more volatile one; from a financialized and hyperglobalized world to a more regionalized pattern of trade where capital is less free flowing; and from a monetary policy dominant model to one dominated by fiscal policy. Among all of this it would make sense to expect to see one other major area of regime change—the dollar; but despite previous reports to the contrary,