GlobalData TS Lombard: Perkins Vs Beamish TACO Can't Save The Dollar
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Jan 28, 2026 
Freya Beamish, a macroeconomist focused on central bank policy and currency dynamics, and Dario Perkins, a macro strategist on monetary and fiscal flows, debate market reactions to political shocks. They unpack the changing safe-haven role of the dollar, shifting hedging strategies by international investors, Japan’s lesson for MMT and risks around Fed appointments and financial stability.
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Dollar No Longer A Reliable Safe Haven
- The dollar's safe-haven role has weakened as stocks, bonds and the dollar now sometimes fall together during shocks.
- International investors are increasing hedging or reallocating away from unhedged US exposure, says Freya Beamish.
Hedge Or Reallocate Away From Dollar Risk
- Hedge dollar exposure when holding US equities or shift allocations into non-US assets like Europe and EM.
- Consider German bonds as an alternative safe asset rather than automatically buying US Treasuries, suggests Freya Beamish.
Dollar Smile Has Become A Frown
- The dollar smile has broken and investors now face a 'dollar frown' where the currency weakens both in risk-on and risk-off.
- A strong currency story now needs demand-led reflation plus a central bank credible about inflation control.