Those calculations were based on the Fund's expectation that the 2025 surplus would be 3.3% of GDP. The actual number was 3.7% of GDP (Q4 exceeded expectations) so Fund's methodology actually implies a bigger undervaluation than in the staff report 10/ https://t.co/XinegO4ohY
Original source ↗  |  February 19, 2026 at 04:26 UTC  |  Twitter - @Brad_Setser

No analysis available.