US consumer prices surged to a 40-year high, defying expectations that gains would start to moderate after the Federal Reserve began tightening.
The Bloomberg Dollar Spot Index has trumped all other assets this month, notching a 0.6% advance at a time when stocks and bonds are tumbling. Investors have poured cash into an exchange-traded fund tracking Treasury bills for five weeks, clocking up the biggest inflows since 2020.
Die-hard dip buyers are bracing for even more volatility -- and bigger, more enticing dips -- in the run-up to Christmas.
