In this episode of The Economic Effect, host and former Chief Economist John Silvia examines a surprising headline: emerging market borrowing costs have nearly matched U.S. rates for the first time since 2007. But is this a signal of investor confidence in emerging markets—or a growing vote of no confidence in the U.S. dollar? John breaks down the interconnected movements in commodities, credit, currencies, and equities to assess where inflation, interest rates, and the dollar are truly headed. With persistent inflation, rising term premiums, and deficit concerns putting pressure on Treasury yields and the U.S. dollar, what are the implications for Fed policy—and for equity markets banking on a rate cut? If you want to understand the real forces shaping today’s markets—and where they’re likely headed—this episode delivers the clarity and depth you’ve been waiting for. 🎧 Listen now and subscribe to our newsletter at johnesilvia.com #Markets #Inflation #FederalReserve #USDollar #EmergingMarkets #EconomicPolicy #JohnSilvia #TheEconomicEffect