“SELL AMERICA” TRADE RETURNS AS FED & YEN RISKS RISE Barclays says the “Sell America” trade is resurfacing, particularly across the dollar and US bond markets. Uncertainty over Fed policy, a potential yen carry-trade unwind and concerns over AI spending are driving volatility. However, US equities continue hitting new highs, supported by strong corporate earnings. Barclays remains constructive on stocks but warns that hot jobs or inflation data could quickly revive Fed concerns and intensify market volatility.(*Walter Bloomberg)