Neal Freiman

Some say it marks a profound shift in the world economic order.

Yeah, we just have to wonder whether this is a blip or a more long-term shift.

A new Bank of America survey is out front that surveys investors.

They remain the most bullish they have since July 2021.

Nearly half of participants said they don't have any protection against a sharp fall in equity prices.

We've talked about sell America.

This isn't the first time we're talking about sell America.

We talked about it last April during Liberation Day and a few times last year.

And yet what did happen in 2025?

Stocks surged to record highs.

Corporate earnings were strong.

Everyone's very excited about AI.

It seems like that sort of outweighed any uncertainty that global investors have about the safety and certainty of American assets.

You just have to think about when will the dam break?

Yeah, it may not be the most exciting thing, but probably the one asset to watch is the 10-year yield.

That reached 4.3% for the first time since September 2nd.

The higher that keeps climbing,

The higher borrowing costs are for Americans and the U.S.

government.

And if that keeps climbing to levels that get into the yippee zone, then we'll see maybe Trump back off.