The End Of American Exceptionalism?

2025-05-05 07:04:00 ET

Summary

• The rest of the world is due some cyclical catch-up with the U.S., but talk of a structural change in the global economic ecosystem is premature.
• Has capital been flowing from the U.S. to other regions recently? It looks that way—but, we see that as cyclical rather than structural, and we expect U.S. dollar primacy to continue for the foreseeable future.
• The U.S. (and the U.S. Federal Reserve) is at a challenging point in this cycle, where inflationary pressures combine with the drag on growth from tariffs and reduced government spending.

By Joseph V. Amato, President and Chief Investment Officer—Equities

The rest of the world is due some cyclical catch-up with the U.S., but talk of a structural change in the global economic ecosystem is premature....

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