It is odd to me that so many financial pundits rely on metrics that were developed and used for decades when the dollar dominated. Today it is weak and on life support from both the FRB and the federal gov't. They take turns playing good cop - bad cop. Their shtick is to have one of them pouring dollars into the economy while the other is holding back. Currently it is the FRBs turn to hold back and for the federal gov't to spend like a drunken sailor. This just gives the illusion the old system is running normally and good for years to come. We are in a transition period from the old dollar dominated system to a new system.
The new system will emerge after the "great reset." What that system looks like is a question of when it happens and who is in charge at that time. The 2022 election is key to deciding who is in charge. Anticipate all kinds of desperate actions from the left the next few months to keep power from transitioning to the MAGA crowd. Some catastrophic events could cause the dollar to fail, which would benefit the left.
Odds are improving for the MAGA crowd to win the elections and take power away from the left after the election. If that occurs there is a reasonable probability that along with the FBI, the FED will be disbanded. To do that a new American gold based monetary system will need to be installed. Either way we have a new monetary system in a relatively short term future.
Back to metrics. The old metrics currently in use are a bit like rearranging deck chairs on the Titanic while it was sinking. They do not provide much if any insight into what really matters now. I'm forward looking, making decisions on the demise of the dollar and don't care to rearrange chairs. Reacting after the event is far too late.