The Financial Post reports in its Friday, July 4, edition that there is a growing belief that "American exceptionalism" is fading due to President Donald Trump's policies, the declining dollar and U.S. stock market underperformance compared with international rivals. A Financial Times dispatch to the Post reports that surprisingly, despite shocks from Washington and the Middle East, U.S. stocks and bond prices continue to rise, driven more by global advancements than by U.S. decline. Some view this resilience as mere optimism, predicting U.S. stocks may soon fall into a "gloomcycle" by 2025. FT says when the disconnect between commentators and markets is this wide, the message from the markets is usually more correct. U.S. stocks are maintaining high valuations as data shows Mr. Trump's policies have not significantly affected inflation or growth. Concerns about tariffs increasing inflation and slowing growth have not materialized; instead, inflation remains low and growth strong. While tariff revenue is increasing for the Treasury, it has not markedly impacted consumer prices, leaving questions about whether foreign suppliers are absorbing costs or U.S. firms are depleting existing inventory.