Maintenance in progress

a survey of 90 central banks, pension funds, and sovereign wealth funds — collectively managing roughly $10 trillion in assets — found for the first time a majority planning to reduce dollar allocations, citing us political and geopolitical risks. this occurred on the same day ecb president lagarde declared the end of an era in monetary policy, signaling a shift to a more volatile global economic environment requiring different instruments. two of the most significant institutions in global monetary governance sent aligned signals within 24 hours, which is structurally unusual.

european central bank forum, global reserve manager survey