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I believe USD has devalued by a comparable amount since Liberation Day, so a big portion of that is the USD falling relative to stock.

Edit: https://www.morganstanley.com/insights/articles/us-dollar-de...

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You don't have to "believe". If you can find data that indicate that the dollar has devalued 40% (or even 20%) since "Liberation" Day, I'd like to see it.

From memory, I think it was something like 10% since Liberation Day.

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