People who distinguish between US treasuries as a reserve asset and the dollar as a reserve currency are also wrong. Any currency is an asset. People hold treasuries rather than dollars because they have a nominal yield in dollars, viewed as “riskless” BUT that isn’t true as demonstrated by losses suffered by long term treasury holders over the past three years. The dollar has stored value better than treasuries and both have lost value. The market is figuring this out and that’s a problem for the Fed.