--:-- [Theme music fades out]
--:-- Jessica Mendoza: Welcome to The Journal, our show about money, business, and power. I'm Jessica Mendoza.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: There's a new term that's been making the rounds in the business world this week. The Sell America trade caused whiplash on Wall Street. The, quote, Sell America trade. Sell America. Sell America trade continuing to gain momentum.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Have you heard the term Sell America? We're familiar with the Sell America story. Sell it all. Sell the bonds, sell the stocks, sell the currency.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Look, I think it's less about selling it. It's more a question about stop buying it. And if people stop buying, effectively it has the same effect, doesn't it?
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: The Sell America trade refers to a new market phenomenon where investors overseas are pulling back from U.S. assets.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: The business I'm overseeing is managing funds which invest in government bonds and other sorts of bonds for investors located worldwide.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Mark Dowding has quite the title. He's the chief investment officer of Blue Bay Fixed Income at RBC Global Asset Management.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Mark is based in London, and he manages over $130 billion in assets.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Within all of the assets that we manage, the bulk of the assets, you would say, are actually allocated to U.S. dollar securities.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: And why is that? Well, I guess, of course, it goes without saying that the U.S. is the world's largest economy.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: It's the economic superpower. Obviously, the U.S. has got the world's largest and deepest and most sophisticated financial markets.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: And sometimes we use the abbreviation TINA, which stands for there is no alternative.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Investors end up investing in the U.S. almost because there's not enough choice to go shopping in elsewhere in the world.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: For foreign investors, the U.S. stock market and the U.S. bond market have long been considered great places to invest.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: But just a few months into Trump's second term, those markets have seen dramatic swings, brought on by threats of a trade war and government infighting.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Some of the policy announcements that we have witnessed have led investors to question whether the U.S. economy will continue to grow as strongly as it has been growing in the past.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: And that's actually led us to adjust our view and actually turn more away from being one-time dollar bulls towards being dollar bears.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: For Mark and many investors around the world, the uncertainty in the U.S. financial system is starting to feel like an inflection point.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: All of a sudden, there's a bit of a rethinking about how much can you rely on the U.S. if you're located overseas.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: And all of a sudden, the U.S. is looking like a less attractive destination for your capital, it's no longer looking as safe as it once was.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Welcome to The Journal, our show about money, business, and power. I'm Jessica Mendoza.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: It's Thursday, April 24th. Coming up on the show, why foreign investors are selling America.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: CRM was supposed to improve customer relationships. Instead, it's shorthand for can't resolve much.
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--:-- Jessica Mendoza: On the ServiceNow AI platform, CRM stands for something better.
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--:-- Jessica Mendoza: Bad CRM was then. This is ServiceNow.
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--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Before there was sell America there was buy America.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: You might know it as the U.S. exceptionalism trade.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Buy America became a trade that was embraced all over the world.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: That's been the trade for basically over a decade.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: So everybody was sort of pouring in to these U.S. bets.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Our colleague Chelsea Delaney reports on markets.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Investors have just been pouring in from abroad to American stocks.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: They've been buying American bonds.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Part of that is the fact that the dollar, the U.S. dollar, is the world's reserve currency.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: It means that central banks around the world, they want to hold dollars.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: So quick econ 101.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Stocks are shares of public companies.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Treasury bonds are essentially a loan to the U.S. government from an investor.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: And that loan is in dollars.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Since the end of World War II, Treasury bonds have been considered some of the safest bets in the world.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Because investors could count on the U.S. government to not default on its loans.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: This relative stability in both markets continued for decades.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Coming out of the 2008 financial crisis, the U.S. economy recovered a lot faster than the rest of the world.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Europe has been stuck in this stagnation.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Japan has been battling deflation.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: China has been really struggling for several years now.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: And so the U.S. economy was just growing much faster than anybody else's.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: That growth spurred foreign investors to invest in all sorts of assets in the U.S.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: The stock market thrived.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: And it was given even more of a boost recently by the rise of artificial intelligence.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: America has this very fast-growing tech industry.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: It's been the leader in a lot of sort of high-growing industries.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: And so that's attracted all sorts of investors.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: How much of a stronghold has the U.S. had on the world economy recently? Is that a quantifiable number?
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: So foreigners own now about almost $19 trillion worth of U.S. equities.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Wow.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: And if you were to go back to 2011, that's only $4 trillion.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Coming into this year, U.S. stocks had grown to make up more than 70 percent of the MSCI world, one of the most popular global stock market indexes.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: And as of February, foreign investors and governments owned almost nine trillion dollars in U.S. treasuries.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: And so just stepping back, big picture, the way that this idea of American exceptionalism and the way that it's sort of taken hold of global markets, what has that meant for the U.S.? What's sort of the upshot?
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: The upshot of American exceptionalism for the U.S. is that it's led to a lot of money coming into America.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: And for the U.S. government, that means that it's been cheaper to borrow money.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: And the U.S. has an ever-growing budget and trade deficit.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: So that has helped fill that gap, this demand for American assets.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: The demand from abroad for American stocks has been a huge reason why, you know, U.S. markets have grown as fast as they have.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: And why U.S. stocks have a much higher valuation than the rest of the world.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: For years, that was the status quo.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Investors saw the American stock market as a reliable place to get rich.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: And after Trump's election in November, U.S. markets looked even stronger.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: We saw the American exceptionalism trade turbocharged.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: People called it the Trump trade.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: People thought that Trump was going to cut taxes, he was going to deregulate, and the American economy was going to do even better.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: And so there was this big rally in stocks.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: The dollar went up.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: But soon after Trump took office, he started doing something he didn't do in his first term, aggressively implementing steep tariffs.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: That started to worry investors.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: It became clearer and clearer to investors that he might mean at this time, that he might actually do it.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: He might impose these really steep tariffs on global trading partners.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: And that led to a lot of volatility in the first quarter of the year.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: And then we had Liberation Day.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: April 2nd, 2025 will forever be remembered as the day American industry was reborn.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: The tariffs that they introduced were much, much deeper than investors had expected.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: And that's when you start to really see the sell-off take hold.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: The announcement could affect trillions of dollars of U.S. imports.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: That's when we start to see markets getting a little funky.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: The market's reaction, clear and jarring.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: The S&P 500 plunging 10 percent in two days.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Since Trump's inauguration, the S&P 500 is down roughly 10 percent.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: That the index worst performance in the first 94 days of any presidential term on record
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Then just this past Monday something surprising happened.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: The stock market the bond market and the value of the U dollar were all down.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: It's very unusual.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Yeah, it's definitely unusual.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: So typically, when you see stocks selling off, you would see treasuries in the dollar rising.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: And then after Liberation Day, we didn't see that.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: We started to see all three of these things selling at once.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: And that was really a sign that investors were losing confidence in American assets and American policy.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Lost confidence can have real consequences.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Less investment in the U.S. bond market makes it more expensive for the government to borrow.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: And a weak dollar means U.S. companies pay more for imports and Americans have less buying power on trips abroad.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: What is the Trump administration saying about all of these market issues?
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: The Trump administration has downplayed how serious this is.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: And I think Trump himself has said, like, this can be painful, but, you know, in the end, it'll be worth it.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: I don't want anything to go down, but sometimes you have to take medicine to fix something.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Is there anything else that's been worrying investors besides the administration's trade policy?
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: For investors, global investors, U.S. investors, threatening to fire the Fed chair is, I think, a bit of a red line.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: The pressure that Trump has been putting on Jerome Powell has definitely added another layer to investors' anxiety about the fact that, you know, we're potentially dealing with a less predictable America.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: That's coming up next.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: This episode is brought to you by Walmart.
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--:-- Jessica Mendoza: Thank you and good afternoon.
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--:-- Jessica Mendoza: It's great to be back in Chicago.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Last week, Federal Reserve Chair Jerome Powell delivered an address on the economic outlook of the United States.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: He was talking in a kind of low-key way, as Powell is known to do, about the economic outlook.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Tariffs are highly likely to generate at least a temporary rise in inflation.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: And one of the things he said was that there is a strong likelihood that consumers are going to face higher prices.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: And that seemed to really set Trump off.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: The next day, Trump wrote on Truth Social about Powell, quote, termination cannot come fast enough.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: There's been some name calling.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: He calls him a major loser.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: He's been calling him Mr. Too Late, as in too late to cut interest rates.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Trump appointed Powell, a Republican, to chair the Federal Reserve back in 2018.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: And since then, Trump has been very vocal about wanting Powell to cut interest rates.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: The Federal Reserve makes decisions about rate cuts based on economic realities, independent of the president.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Powell is likely very worried about inflation and the fact that higher prices on U.S. imports could drive up inflation.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: As a central banker, that likely means you would need to hold interest rates higher.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: So Trump, on the other hand, wants interest rates to be lower because that could help boost the economy.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Some senior officials, according to Wall Street Journal reporting, took Trump's statements about firing Powell seriously.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Although it's unclear if there's a legal way to do that.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: White House lawyers reportedly looked into options for removing him.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: All of this happened very quickly.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Trump threatened to fire Powell a week ago on Thursday.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: By Monday, stocks, bonds, and the dollar had all slumped.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: The next day, Tuesday, a reporter asked Trump in the Oval Office if he still had intentions to fire Powell.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: None whatsoever.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Never did.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: The press runs away with things.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Now I have no intention of firing him.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: A White House spokesperson declined to comment on Trump private conversations.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Both the Treasury and Commerce Departments did not respond to requests for comment.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: How are investors feeling about Trump's kind of shifting rhetoric around Powell?
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: For investors, even just mentioning it, even just talking about this, is something that just reinforces this idea that we're in a new era.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: We're in a new world where, you know, the U.S. is not playing by the same rules.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: It's, I mean, the Trump administration, both through the tariff policy and through these threats to fire Powell, it's shown that it's willing to break with these norms of... These conventions.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Yeah, these longstanding conventions that have been one of the reasons why people want to invest in the U.S.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: So I think he's, yeah, all of these attacks have really shaken investors.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Trump seemed to have felt the pain of the downturn.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: The same day he walked back his comments on Powell, he told reporters that he was considering lowering tariffs on China.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: 145% is very high, and it won't be that high.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: It's not going to be that high.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: And that's music to investors' ears.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Both U.S. stock futures and the dollar rallied on Wednesday in response.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Overall, investors are happy to see the administration walking back some of the more dramatic threats.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: The Trump administration's willingness to pivot is something that they want to see.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: But confidence is certainly still going to be shaken.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: And investors are still going to be very wary about what comes next in this roller coaster.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: A roller coaster, or in other words, volatility, something investors definitely don't like.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: April is shaping up to be the most volatile month for markets since the pandemic crash in 2020.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: And it's still unclear what the coming months will look like in terms of the administration's approach to trade and the central bank.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: And so for many foreign investors, none of this looks good.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: What's looking better is the Sell America trade.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Do you think that Sell America is a flash in the pan or a real paradigm shift?
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: There's definitely a seed that has been sown, and it probably will take a longer period of time to rebuild confidence once it's been shaken.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: I think we probably will see some stabilization in the market, but investors are making long-term plans to Sell America.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: and a lot of investors were really concerned that their investments had become so concentrated in the U.S., but the performance had been so good.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: And so you couldn't really stop because you would be underperforming and it would be bad for your clients or your pensioners and nobody wants to underperform.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: So even before this, people were worried about being so concentrated in the U.S.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: And this has just shown people why you don't want to do that.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: And so I don't think it's a flash in the pan.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: And I think it has started a broader conversation, especially among foreign investors who don't have to invest in the U.S.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: They have a lot of other options.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: So I think it has started a conversation about investing more elsewhere.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: If global investors are selling America, what are they buying?
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: In London, Mark Dowding, the investment executive, says he's now more intrigued by markets in Europe and Japan.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: So purely looking at things from a currency perspective, I think it's the yen that I have at the top of my list.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: But I think there are other global currencies that also look relatively attractive.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: I mean, I'd rather own European stocks denominated in euros or Japanese stocks denominated in yen at the moment.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Those overseas markets, which maybe have been underloved and overlooked for a period, are now likely to see a bit more attention.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: We're also looking at a world where there's more of a sense in which there's more of a home bias going forward, more of a sense of let's keep more of our money at home.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: And, of course, if those countries do keep their money more at home, it means that the U.S. is going to benefit less from overseas investors supporting their markets.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Time will tell.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: We'll have to see.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: That's all for today, Thursday, April 24th.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Additional reporting in this episode by Nick Timros, Gunjan Banerjee, Greg Ip, Alistair McDonald, and Jack Pitcher.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: Thanks for listening.
--:-- [Sound effects: Brief pause]
--:-- Jessica Mendoza: See you tomorrow.
