The World at Mid-Year: The 2026 Geopolitical Playbook | 23 Jul 2026 | Deutsche Bank

1. Executive Briefing (TL;DR)

• Top Key Takeaways:

  • U.S. Dollar Structural Reserve Shift: Global central banks and foreign investors are systematically reducing U.S. Treasury holdings, reallocating capital into physical bullion and non-Western reserve assets to hedge against sovereign debt expansion and currency debasement [00:01:15].
  • Fiscal Dominance & Rate Trajectory: The Federal Reserve faces an untenable debt-servicing spiral, constraining long-end bond yields and signaling potential yield curve control (YCC) or sustained negative real rates [].