Elon Musk is taking a stake in Twitter

Welcome back, readers.?Some experts say the dollar's dominance is in question — today we're diving into what Goldman Sachs said about the matter. Plus, we'll do a deep dive into the historic Axie Infinity hack.?

Let's get into it.

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1. The dollar's dominance is facing headwinds.?That's according to a?research note from Goldman Sachs. Analysts at the bank warned that similar obstacles eroded the British pound's power in the early 1900s and could do the same to the US dollar —?with investors taking the possibility seriously.?

Goldman Sachs highlighted these vulnerabilities:?

• The US has a deteriorating net foreign asset position.
• Massive and rising foreign debts are weighing down the US.
• An increased use of other currencies in world trade would cause central banks to?diversify away from the dollar.?

Sanctions by the US and its allies that?froze much of Russia's foreign-currency reserves?have raised concerns that other countries could grow wary about relying heavily on the dollar.?

A top IMF official warned?that the sanctions on Russia could end up chipping away at the dollar's status and noted that some nations are already?renegotiating the currencies they use?in international trade.

"The dollar would remain the major global currency even in that landscape, but fragmentation at a smaller level is certainly quite possible," Gita Gopinath, first deputy managing director at the IMF,?told the Financial Times?last week.

In other news:

2. Elon Musk is taking a stake in Twitter.?The Tesla chief revealed a 9% stake in the social media giant, after previously discussing the desire to start his own platform. Get the details here.

3. A chief investment strategist at Bank of America broke down the five sectors that make up the "FAANG 2.0 trade."?The pandemic and military conflict in Europe are driving fundamental shifts in the economy —?and this particular trade doubles as an inflation hedge.

4. Certain housing stocks look cheap right now after the mortgage-rate spike triggered a sell-off, according to Morningstar.?Housing-linked stocks are set to rally because demand is outpacing supply, according to the firm's research chief.?See his list of six picks.

5.?Workers aren't in a rush to find a job.?The labor force participation rate has had a lackluster recovery up until now, as it rose just 0.1 percentage point this month.?The rate's slow rebound signals millions of Americans are still waiting to rejoin the workforce.?

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This newsletter was curated by Phil Rosen. Thoughts or questions? Sound off in the comments section below.