Core Viewpoint - The report by Bank of America analyst Adarsh Sinha indicates that interest rate differentials are no longer the primary driver of the US dollar's movement since the announcement of comprehensive tariffs by Trump in April [1] Group 1: Factors Affecting the Dollar - The decoupling of the dollar from interest rate differentials reflects structural risk premiums in the US [1] - Contributing factors include rising inflation due to tariffs, weakened economic growth outlook, peak exceptionalism of the US economy, and increasing fiscal deficit risks [1] Group 2: Future Outlook - Interest rate differentials may regain importance in driving the dollar, especially if the Federal Reserve implements more rate cuts sooner than expected [1]