Good morning, investors. Investors are positioning for a sustained bull run after the Jackson Hole speech Friday and asset prices have marched higher — the smartest people I know all expect that to continue for some time.

Today’s edition unpacks how foreign fund managers are helping fuel the American bull run.

Foreign investors fled US markets after Trump’s Liberation Day tariffs only to rush back within weeks.

Global appetite for American stocks and confidence in the American economy are proving far more resilient than any of political narrative may suggest, according to data from Torsten Slok, chief economist at Apollo.

In a note to clients, he highlighted Treasury figures that showed the “Sell America” trade was effectively a blip that didn’t even make it beyond April.

By May and June, overseas buyers were scooping up US assets across the board.

“With the S&P 500 and credit spreads near record levels, it is clear that there is a lot of confidence in the US economy,” Slok said.

He pointed out that, during New York trading hours, the 10-year Treasury yield rises, signaling domestic selling.

Meanwhile, outside those hours yields fall as foreigners buy those assets.

That rhythm, Slok said, suggests that while US investors are trimming exposure in the bond market, foreigners are more than offsetting it to keep the market well-bid.

“Unsurprisingly, foreigners like the higher yields they get in the US, including in private credit,” Slok said.

Yet the appeal of US yields to foreign capital shouldn’t be surprising. They remain higher than most other developed markets, and American private credit offers unique opportunities that are hard to replicate in other countries.

That said, it’s worth noting that overseas markets have fared well in 2025.

But the long-term trend, arguably, remains with the American exceptionalism trade.

“The bottom line is that the US is the most dynamic economy in the world with some of the most attractive investment opportunities,” Slok said.

📈 Asset prices are soaring on rate cut bets. Risk assets across financial markets soared after Powell’s Jackson Hole speech Friday. As one CIO put it, the party isn’t over yet and policymakers just aren’t ready to take away the punch bowl. (Opening Bell Daily)

📉Fed officials erased their old inflation rule. Jerome Powell said the central bank will no longer intentionally allow inflation to run above the 2% benchmark: “As it turned out, the idea of an intentional, moderate inflation overshoot had proved irrelevant.” (WSJ)

👀 Nvidia earnings come due Wednesday. The largest stock in the world is expected to report revenue of $46.13 billion for the quarter, and many Wall Street analysts have raised their estimates ahead of the release. Shares are up 32% in 2025. (Yahoo Finance)

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📰 I’m Phil Rosen, co-founder and editor-in-chief of Opening Bell Daily. I’ve published books, lived on three continents, and won awards for my journalism, which has appeared in Business Insider, Fortune, Yahoo Finance, Bloomberg and Inc. Magazine.

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