The Globe and Mail reports in its Tuesday edition that in 2025, U.S. asset classes -- stocks, bonds and the greenback -- have faced turbulence, but only the dollar has notably declined, losing about 10 per cent against major currencies. A Reuters dispatch to The Globe reports that in contrast, Wall Street's main indexes and the ICE BofA U.S. Treasury index remain slightly higher despite volatility since "Liberation Day." Hedging may explain this divergence. Not long ago, the "U.S. exceptionalism" narrative was strong. However, this outlook has changed due to President Donald Trump's economic policies and isolationist stance, prompting investors to re-evaluate their U.S. asset exposure. The dollar is feeling the burn more than stocks or bonds because non-U.S. investors often protect themselves against sharp currency fluctuations via the forward, futures or options markets. The difference now is that the risk premium being built into U.S. assets is pushing them -- especially equity holders -- to hedge their dollar exposure more than they have in the past. The dollar's malaise has changed its typical relationships with stocks and bonds, reversing its negative correlation with stocks and positive correlation with bonds.