This overlooked risk to financial markets usually lurks quietly under the surface. But now it’s ‘shouting, not whispering’

(Credit: Michael Nagle—Bloomberg/Getty Images)

• Much attention has been focused on the U.S.’s current account deficit, or the imbalance between imports and exports, but there’s another metric that’s poised to amplify market shocks. That’s the net international investment position, according to Kevin Ford, FX and macro strategist at Convera, who likens it to America’s financial scorecard with the rest of the world.

President Donald Trump’s trade war has focused much of Wall Street’s attention on the U.S.’s current account deficit, or the imbalance between imports and exports. But there’s another metric worth following that could worsen financial risks.