Market view: From the desk of CIO Dan Farley

America at 250: A birthday worth celebrating

As the new chief investment officer for the U.S. Bank Asset Management Group, I have spent a career living on the “wall of worry.” If you work in the markets, it goes with the territory. There is always something to monitor, measure or manage. Risk matters. Numbers matter, too. In future notes, we will spend plenty of time on both. This week, though, one number stands apart: 250. That number offers a chance to step back from immediate concerns and remind ourselves of something larger. For all its imperfections, the United States still stands alone as the world’s most powerful engine of innovation and prosperity.

Independence Day 2026 marks 250 years since the leaders of 13 colonies gathered in the sweltering Philadelphia heat and gave life to an idea - that people should have the freedom to pursue their own futures. That idea has never followed a straight line. Today’s challenges are significant, from the rapid emergence of artificial intelligence and rising national debt to geopolitical conflict and a “K-shaped” economy, the “wall of worry” is high. But America has faced formidable obstacles before and found ways to overcome them.

Believing we will do so again is not blind optimism. It is grounded in the qualities that have made this country durable:  deep and transparent capital markets that efficiently allocate risk; the rule of law and strong institutions that protect property and contract; a culture that rewards innovation and embraces creative destruction; and an openness to talent and capital from around the world. Together, these forces help turn ideas into businesses, businesses into industries and industries into prosperity. For long-term investors, they provide a foundation for earnings, wealth creation and resilience through market and economic cycles alike.

America has a long history of making room for people to start something - a farm, a shop, a factory, a software company, or an idea that does not fit into any existing category. Many ideas fail. Some become small businesses. A few change the world. The willingness to try, learn and try again remains one of America’s greatest advantages.

So, as we celebrate 250 years of nationhood this weekend, it’s an opportunity to look confidently beyond the immediate concerns of any “wall of worry.” Why? Because this nation continues to connect great ideas, bold innovators and deep capital markets in ways that no other can. It’s how America powered its success for 250 years. And I’m convinced it’s how we will propel America’s success well into the future.

To the clients who already place their trust in us, thank you. We are grateful for the opportunity to help you navigate uncertainty, plan for the future and stay focused on the goals that matters most to you. And for those we are not yet serving, we welcome the chance to help you bring your goals more within reach. Happy Independence Day!