No Sign of Investors Fleeing "US Exceptionalism"

After the close yesterday, the US Treasury reported the largest inflow of foreign capital to that market (net purchases) since 2022, obliterating the narrative that foreign investors are fleeing Treasuries (or US assets generally) due to concerns over political risk or as a response to tariffs. Adding to that news was a large inflow to US stocks, similar in magnitude to the ones we saw last fall. While there was panic about the end of the "US exceptionalism" trade back in April, for now there’s no sign in the data that foreign investors are fleeing.

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