---
title: The Liberation Day Tariff Dollar Puzzle: Equity Rotation, Not Flight from Treasuries
url: https://www.ml-quant.com/papers/ssrn/7684058/
site: ML-Quant (https://www.ml-quant.com)
updated: 2026-11-14
license: Summaries CC BY 4.0; links go to the original sources
index: https://www.ml-quant.com/llms.txt
identifier: SSRN 7684058
source_url: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=7684058
featured: 2026-11-13
citations: unknown
topic: Macro-Finance & Rates
---


# The Liberation Day Tariff Dollar Puzzle: Equity Rotation, Not Flight from Treasuries

The dollar depreciated after U.S. tariff announcements not from treasury flight but from equity rotation from domestic to foreign stocks, revealed by fund flow analysis.

- Source: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=7684058
- Identifier: SSRN 7684058
- Released: 2026-11-13
- First featured: Quant Letter No. 139 (2026-11-13): https://www.ml-quant.com/issues/2026-11-13/
- Citations (Semantic Scholar): not tracked
- Published in: not yet
- Topic: Macro-Finance & Rates
- Authors: Rashad Ahmed, Jonathan Hartley, Alessandro Rebucci

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