On October 6, 1973, thousands of Israeli soldiers were forced to eat. That day, the country was celebrating Yom Kippur, one of Judaism's holiest holidays, characterized by fasting and prayer, when it was attacked militarily by Egypt and Syria. Many members of the army had to postpone their celebrations. This war, which lasted about three weeks, was another episode in the Arab-Israeli conflict. But at the same time, it marked a turning point for the global economy, as the Organization of the Petroleum Exporting Countries (OPEC, comprised mainly of Arab states) implemented a crude oil embargo on Western countries (the United States and some allies, primarily European), which caused prices to skyrocket and triggered the first of the oil crises of the 1970s and early 1980s.

The first year of Donald Trump's return to the US presidency has seen a notable decline in the value of the dollar and an increase in US debt interest rates, but by no means can it be considered an unprecedented fall. Despite Washington's threats to close US allies—such as Denmark—the trade war, military interventions in Venezuela and Iran, and attacks on the independence of the Federal Reserve (the Fed, the US central bank), the greenback has leveraged its dominant position as a safe-haven currency to maintain its strength.

Since Donald Trump's return to the White House, confidence in the US economy has been shaken. The trade war against its trading partners, plans for massive tax cuts, and inconsistent foreign policy have damaged the US's reputation as a leading economic power. This has been reflected, in part, in a fall in the price of the dollar—the global reserve currency—and, by extension, may affect the role of US Treasury bonds as safe haven assets essential to the functioning of the global economy.

On Wednesday, US President Donald Trump He denied in a press conference that he planned to fire Jerome Powell., the chairman of the Federal Reserve (the Fed, the US central bank). That same morning, several media outlets such as Bloomberg and The New York Times They had published that Trump had a draft letter to send to Congress to oust Powell, which led to an immediate drop in the dollar on the foreign exchange market and put the US stock market in the red. Only with the president's denial, a few minutes after its publication, did the situation in the markets normalize.

Just days after announcing a battery of tariffs against most of the world's countries in an event he dubbed Liberation Day, US President Donald Trump reversed course and suspended most of them in an attempt to "negotiate." Although stock markets reacted sharply and most governments criticized the measure, Trump's retreat was largely due to the rise in the price of Treasury bonds, US government debt securities.

Javier Milei's government has launched what it calls the third phase of its economic policy. Last Friday night, the Argentine president announced on national television that he was ending the so-called exchange rate clamp for individuals, a regulation that limits the purchase of dollars—the currency in which Argentines who can afford to save typically—to a total of $200 per month.