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Adam Tooze discusses the autonomy of U.S. sectoral balances in relation to international capital flow dynamics.
He highlights commentary from another analyst that addresses pressures on U.S. aggregate demand without referencing the current account.
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Tooze has previously drawn parallels between Treasury market interventions before Jackson Hole and historical episodes like Operation Epic Fury. In an earlier analysis, he examined U.S. Treasury market strains, comparing recent pressures to the turmoil of March 2020. These reviews add additional context to his current commentary on U.S. sectoral balances and capital flows.