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Since the pandemic, Americans have continued to spend despite high inflation, thwarting recession fears. But rising fuel costs might be too much to overcome.

"The dollar market is becoming crowded, so there's an incentive to take these deals outside the U.S."

The U.S. merchandise trade deficit with China, Canada, and Vietnam widened for a third month. The U.S. gap with Mexico narrowed slightly.

This trend underscores the broader shift across the finance industry, where the electronic trading has been making steady inroads with fixed-income securities that were once considered difficult to standardize.

Faster growth at the beginning of this year reflects hyperscalers' massive investments in AI.

"My concern is legal attacks on the Fed, which threaten our ability to conduct monetary policy without considering political factors."