Reserve Benchmarks 2025 report – tariff realignment?
Benchmarks show how some central banks are cutting US dollar exposure and raising duration
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The Reserve Benchmarks 2025 present some of the first data on how – and whether – central banks are responding to the higher tariffs imposed by the US. Data was gathered between June and September this year, a period when tariffs were still in flux but it was clear that the average level would be much higher than before.
The majority of respondents have so far not adjusted their portfolios in response to tariffs. However, 14% have made changes
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