Dollar as 'America's stock' and twin deficits

A currency is like the equity of a country, so the dollar’s recent decline is akin to a drop in the stock of the US, says Morgan Stanley Global Head of Macro Strategy Matt Hornbach. He joins this edition of Macro Matters, part of the FICC Focus podcast series with co-hosts Ira Jersey and Will Hoffman of the Bloomberg Intelligence US Interest Rate Strategy team, to discuss the US and global economic and central-bank outlooks. The trio examine how these may affect currencies, yield curves and risk assets across G3+ markets.