Given recent interventionist moves into Yen and Treasury markets, the Dollar Debasement, aka ‘Sell America’ theme has seemingly returned. This theme has implications for bond yields, FX, and Equities. A dovish Fed is a key missing ingredient, and we would also flag that this theme may not have the same strength or duration as previously witnessed due to:US economic surprise indices will outperform peers as we view the Flash PMIs as supportive of this hypothesis; loose financial conditions persist despite higher interest rates, which will support growth; US earnings outlook of 20%+ growth for 26Q3 and 26Q4 will anchor many global investors; any reboot in the Tech trade will push US and Korea towards global outperformance.In Rates, we see global bond yields moving higher, primarily driven by growth, but it is increasingly likely that we see an increase in US term premia from its actions. Further, with G7 central banks poised to hike we may see ancillary pressure on the US yield curve as non-US investors repatriate cash.FedThe market is pricing ~27bp of rate hikes for FY26. JPM Econ sees 1x hike this year, coming in December.