We are in the thick of global summitry, rolling from the G7 in Canada towards the NATO meeting in The Hague next week. President Trump is conducting foreign policy via social media, the prime ministers of the UK and Canada are having a pint in the pub and the French President is making stopovers in Greenland to give press conferences to a handful of curious locals. Meanwhile missiles rain down from Kiev to Tel Aviv and Russian President Putin offers to be a conflict mediator in the Middle East. The situation feels unstable, to say the least.

For financial investors, the typical response would be to invest in a deeply liquid safe haven asset. Historically this has been the US Dollar and US Treasuries but after the post-Liberation Day market volatility, concerns have been raised about whether the US is still a safe port in a storm. Trump’s deficit-busting Big Beautiful Bill and the Moody’s downgrade of the US credit rating certainly suggest ongoing increased US debt issuance, raising fears that supply will outstrip demand........

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