What happened to "Sell America?"

One year ago, amid the chaos of the reciprocal tariff roll-out, the Dollar fell sharply amid a growing narrative that foreign investors were bailing on America. The Dollar is certainly down since then, but there’s no sign of a foreign exodus. In truth, the “Sell America” trade never existed and its cousin - the “Hedge America” trade - doesn’t exist either. Foreign portfolio inflows into Treasuries, corporate debt and equities are the strongest in over 25 years and the recent rise in the Dollar shows that the greenback hasn’t lost its safe haven allure. None of these things change my view that the Dollar ... (full story)