POPA ReconAt the end of August, BofA’s Michael Hartnett told us contrarians were waiting for two coming events to flip risk-off: a US-Iran…
At the end of August, BofA’s Michael Hartnett told us contrarians were waiting for two coming events to flip risk-off: a US-Iran capitulation that delivers the last leg down in oil, and a midterm vote in which Main Street picks “affordability” over higher stock prices. Four weeks later, one Fed hike and a whopping 60bps move higher in 10Y yields which has sent them to 19-year highs, the BofA CIO has added a twist: an Iran deal may not be the all-clear after all, because if oil drops another $10 and yields keep rising, that’s when the real risk-off begins. In his latest Flow Show, titled “China…
The excerpt is quoted from a public Telegram channel, which owns its text.