{
  "id": 3763585,
  "title": "Chartbook 471 Still Safe? Cognitive dissonance in the Treasury market.",
  "url": "https://urgent.news/2026/08/27/chartbook-471-still-safe-cognitive-dissonance-in-the-treasury-market",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-27T15:12:57.000Z",
  "source": {
    "name": "Chartbook",
    "slug": "chartbook",
    "url": "https://adamtooze.substack.com/p/chartbook-471-still-safe-cognitive"
  },
  "original_language": "en",
  "account": "The stability of US financial hegemony is primarily rooted in the allure of dollar-denominated financial assets, as noted by Robert Armstrong. The Treasury market plays a crucial role in this system, with US Treasuries providing a key support for the economy, attracting global savings. However, recent developments have cast doubt on the safety of these assets. Traditionally, US Treasuries and US equities formed a complementary relationship, with investors shifting from equities to Treasuries during market stress. Yet, this inverse correlation has broken down, with bond yields rising sharply while equity markets continue to soar. This divergence can be attributed to the erosion of the safe-asset status of US Treasuries. Historically, global investors paid a premium for US Treasuries, benefiting US taxpayers by lowering the government's funding costs. However, since 2020, this traditional model has failed. US Treasuries now trade at a discount to other sovereign bonds and show a positive correlation with equity markets, failing to provide adequate hedge against equity risk.",
  "summary": "US financial hegemony is anchored not so much on the dollar as a currency as on the attraction of dollar-denominated financial assets.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}