Following the US tariff announcements in early April, the US dollar strongly depreciated while US Treasury yields rose. This column zooms in on the April episode, analysing the co-movement of asset prices with an estimated market ‘safe-haven factor’. It shows that the co-movement of the US dollar with the ‘safe-haven factor’ changed in April, and that instances of changing co-movement have been at times observed in the past. It further illustrates that available US portfolio investment data for