Affirms the strong dollar policy still exists, citing past statements by Treasury Secretary Mnuchin and President Trump. Contextualizes the recent decline, noting the dollar is still historically strong and that client diversification is incremental, not a major referendum.

Argues economic fundamentals (deep Treasury market, dynamic US economy) limit a sustained 'sell America' trade, but acknowledges political 'tail wagging the dog' temporarily. Presents a nuanced view: the dollar remains the dominant reserve currency, but there are opportunities outside the US in developed and emerging markets.