Many Happy Returns Stars and Strife: Is This the End of American Exceptionalism?
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Apr 16, 2025 The podcast delves into the shifting narrative of American exceptionalism amidst economic turbulence. It uncovers unusual movements in U.S. stocks, Treasuries, and the dollar that suggest investor unease. Key economic indicators hint at a possible recession, while contrasting trends in foreign and U.S. bonds are explored. The complexities of globalization, the disconnect between wealth and economic reality, and the strategies for investing in foreign bonds round out a compelling discussion of America’s financial landscape.
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Unusual Market Behavior
- US stocks, treasuries, and the dollar slid together, shaking investor faith.
- This unusual market behavior signals a potential reordering of safe-haven assets.
Rapid Treasury Sell-Off
- The US 10-year treasury experienced its biggest three-day sell-off since 2001.
- This rapid sell-off, coupled with the dollar weakening, indicates a shift in market sentiment.
Bond Market's Influence
- The bond market, not equity markets, seems to hold the power to influence Trump's policies.
- The bond market's reaction forced a policy change, demonstrating its influence.