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TD Securities: Stagflation is the latest risk facing the USD According to Golden Finance, TD Securities' forex strategists stated that the likelihood of the U.S. falling into stagflation has become the latest risk to the strength of the USD, and amid political interference in federal agencies, the USD is gradually finding itself in a "situation of emerging market currencies." "Although the market seems to ignore inflation and turn its attention to the slowing economic growth, this could be a mistake," wrote TD Securities' Jayati Bharadwaj, Linda Cheng, and Alex Loo in a report on Monday. "The last U.S. CPI report showed the first signs of tariffs being passed through to consumers, and despite some downside surprises, the market still interpreted this in a hawkish manner."