Econographics
Nov 12, 2025
Yes, tech stocks have taken a hit. But the real danger lies elsewhere.
By
Hung Tran
Tech stocks’ sharp selloff has grabbed headlines, but the real risk may be in tightening US dollar funding. As the Fed drains liquidity and repo rates surge above policy benchmarks, hedge funds and foreign banks—holding trillions in dollar assets—face rising pressure. The danger isn’t just market volatility, but whether global finance can withstand a squeeze in the world’s core funding system.
