The Sell America Trade 2/10/26

Summary

---

Podcast Summary: Your Money Minute – "The Sell America Trade"

Date: February 10, 2026
Host: Jessica Ettinger (CNBC)
Length: 60 seconds

---

Episode Overview

In this quick-hit episode, Jessica Ettinger breaks down the rising trend dubbed “The Sell America Trade.” The discussion focuses on why global investors are pulling back from American assets in response to recent market volatility, the weakening US dollar, mounting concerns over debt, and ongoing global shifts highlighted at major financial summits.

---

Key Discussion Points & Insights

1. “The Sell America Trade” and What’s Driving It

• Market Context: Investors are moving away from US investments due to:
  • Heightened tariff volatility
  • Rising inflation
  • Declining value of the US dollar
    (Jessica Ettinger, 00:05)

2. Global Sentiment Shifts

• Recent Market Events: The trend became evident after a sharp drop in stocks on January 20th, signaling how investors are reallocating money abroad.
  (Referenced by Jessica Ettinger, 00:27)
• Expert Viewpoints:
  • Scott Wapner (CNBC): Emphasizes the renewed volatility in US markets and talks about the growing momentum around the Sell America trade.
    • “Renewed volatility, the Sell America trade.” (00:17)
  • Sherry Paul (Morgan Stanley): Highlights the shift in global consensus at Davos from “deglobalization” to what’s being called a “new world order.”
    • “One of the most important things that came out of Davos, going from deglobalization to now the phrase new world order.” (00:20)

3. Concerns Over American Debt and Currency

• Katie Koch (TCW CEO): Outlines the risks fueling the Sell America trend:
  • Investors are no longer showing up at bond auctions—“quiet quitting” the American debt market.
  • Worries about the dollar’s weakness, the US’s high debt level, and unpredictable policy moves.
  • The return of global diversification as an essential investment strategy.
    • “Of the US Bond market that I am worried about. People just don't show up to buy. They are looking to diversify away from the U.S. we're highly indebted. They're worried about currency weakness is obviously a problem and they're worried about the policy uncertainty. Global diversification and the benefits of it are back on the table for the first time.” (Katie Koch, 00:54)

---

Notable Quotes & Memorable Moments

• Jessica Ettinger (00:05):
  “Investors have been talking about the Sell America trade. It's becoming popular as investors look for shelter from tariff volatility, inflation and the declining value of the world's dominant currency, the US Dollar.”

• Scott Wapner (00:17):
  “Renewed volatility, the Sell America trade.”

• Sherry Paul (00:20):
  “One of the most important things that came out of Davos, going from deglobalization to now the phrase new world order.”

• Katie Koch (00:54):
  “People just don't show up to buy. They are looking to diversify away from the U.S. we're highly indebted. They're worried about currency weakness... and they're worried about the policy uncertainty. Global diversification and the benefits of it are back on the table for the first time.”

---

Timeline of Key Segments

| Timestamp | Speaker | Segment/Quote | |-----------|----------------|------------------------------------------------------------------------------------------| | 00:05 | Jessica Ettinger| Introduction: Sell America trade, context and drivers | | 00:17 | Scott Wapner | “Renewed volatility, the Sell America trade.” | | 00:20 | Sherry Paul | Shift from “deglobalization” to “new world order” post-Davos | | 00:27 | Jessica Ettinger| January 20th stock plunge as example of money moving abroad | | 00:40 | Katie Koch | Dollar and bond market weakness | | 00:54 | Katie Koch | Dwindling buyers for US debt, concerns about currency, debt, and policy, push to diversify |

---

Conclusion

This episode of Your Money Minute succinctly highlights the growing trend of global investors retreating from American assets due to market volatility, macroeconomic risks, and shifting geopolitical strategies. With expert insights, listeners are encouraged to consider global diversification for the first time in years, as foundational shifts impact the world’s largest economy.

For more, listeners are directed to cnbc.com.

---

Transcript

[Jessica Ettinger]

With a CNBC YOU Money minute. I'm Jessica Ettinger. Investors have been talking about the Sell America trade. It's becoming popular as investors look for shelter from tariff volatility, inflation and the declining value of the world's dominant currency, the US Dollar.

[Scott Wapner]

Renewed volatility, the Sell America trade.

[Sherry Paul]

One of the most important things that came out of Davos, going from deglobalization to now the phrase new world order.

[Jessica Ettinger]

That's Morgan Stanley's Sherry Paul with cnbc. Scott Wapner there and TCW CEO Katie Koch told CNBC that the stock plunge back on January 20th was an example of investors putting their money elsewhere.

[Katie Koch]

Was a sell USA day. We saw the dollar go down. The bond market, sell.

[Jessica Ettinger]

Off and equity markets not good. And Koch told CNBC's Becky Quick, investors are less interested in holding American debt. I think we're going to see some quiet quitting.

[Katie Koch]

Of the US Bond market that I am worried about. People just don't show up to buy. They are looking to diversify away from the U.S. we're highly indebted. They're worried about currency weakness is obviously a problem and they're worried about the policy uncertainty. Global diversification and the benefits of it are back on the table for the first time.

[Jessica Ettinger]

There's a lot more on the Sell America Trade. @cnbc.com I'm Jessica Edinger. CNBC.

[Fidelity Trader Plus Announcer]

Introducing Fidelity Trader plus, the next generation of advanced trading from Fidelity. Customize your tools and charts and access them seamlessly across desktop, web and mobile. For faster trades anywhere you go, try the all new Fidelity Trader Plus. Learn more about our most powerful trading platform [e-mail] TraderPlus investing involves risk, including risk of loss. Fidelity Brokerage Services LLC Member NYSE SIPC Member.