Earlier this year, the “Sell America” trade was in full force.
It can be argued that the peak of the movement came in April and May, after President Trump’s infamous “Liberation Day,” and as Moody’s downgraded the US’s credit rating.
The yield on the 30-year Treasury bond surged above 5% as foreign investors dumped US government debt, while major stock indexes fell.
That price action appears to have been a fleeting fad, says Torsten Sløk, the chief economist of Apollo Global Management.
In new research for clients over the weekend, Sløk outlined two signs that foreign investors have warmed back up to US assets, as if “Sell America” never happened.
1. Foreign investors are buying US debt
