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The financial press was flooded with "American Exceptionalism" narratives throughout 2023 and 2024, and into early 2025. The April 15, 2024 cover story of The Economist was titled, "Riding High: The lessons of American exceptionalism." On May 25, 2024, the cover story of The Economist was "The almighty dollar." It focused on the dollar's enduring global dominance.
The "Sell America" trade—the contrarian bet that the multi-year era of American economic and market outperformance is finally ending—began gaining significant traction in the financial press late in 2024 and accelerated in 2025. Last year, the US dollar was weak, and the US stock market underperformed the All Country World ex-MSCI stock price index.
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