Phil Magness analyzes U.S. trade and reserve trends in 1960s and 1970s

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Olesia Kramarenko

26.02.2026

Phil Magness analyzes U.S. trade and reserve trends in 1960s and 1970s — U.S. reserve and trade trends

Phil Magness addresses shifts in the U.S. official reserve position and trade balance across the 1960s and early 1970s.

According to Magness, the U.S. reserve position remained largely in deficit for most of this period, but the trade balance was in surplus and only moved into a sustained deficit in 1976. His comments highlight a distinction between the timing of reserve deficits and trade balance trends.

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