US

The United States is currently entering a regime of fiscal dominance, where the fiscal trajectory increasingly dictates monetary outcomes. With a nominal GDP of $29167.8Bn, the US remains the global anchor, yet the Net Liquidity Z-score indicates a tightening impulse as the TGA remains volatile. The core challenge is the Debt/Gold Z-score approaching extreme levels, suggesting that the petrodollar system is under structural pressure. Investors should monitor the yield curve for inversion signals and the fiscal dominance meter to anticipate the next round of quantitative easing. Despite a central bank rate of 4.50%, the shadow system suggests that liquidity is more restricted than the headline rate implies.