A UBS survey of nearly 40 central banks highlights notable concerns about U.S. financial stability.
Close to half of respondents say a U.S. debt restructuring is a real possibility, and roughly two-thirds express worry about the Federal Reserve’s independence in light of public criticism from President Trump and other White House officials. Despite those worries, about 80% of central banks still expect the U.S. dollar to remain the world’s primary reserve currency.
Respondents are also increasing their exposure to gold: 67% consider it the best investment through 2030 and many central banks have been diversifying reserves accordingly. The survey indicates a rising pessimism about the global economic outlook, with more participants anticipating stagflation rather than a smooth, soft landing.
Overall, the findings point to growing caution among official monetary authorities. Concerns over fiscal risk in the United States and political pressures on central bank independence are shifting reserve strategies, while expectations for slower growth and higher inflation are shaping investment preferences for the decade ahead.