Bank of America’s Forecast Of When The Fed Will Crash The Market

Friday, June 30, 2017
By Paul Martin

by Tyler Durden
ZeroHedge.com
Jun 30, 2017

Earlier today we reported that Bank of America’s chief strategist Michael Harnett made two stunning (if perfectly obvious) revelations for a person, who stands to potentially lose his job if he dares to publicize the truth, which is precisely what he did when he said that i) “central banks have exacerbated inequality via Wall St inflation & Main St deflation” and ii) it is “no longer politically acceptable to stoke Wall St bubble; two ways to cure inequality… you can make the poor richer…or you can make the rich poorer…they have failed to boost wage expectations,inflation expectation, “animal spirits” on Main St… so Fed/ECB now tightening to make Wall St poorer”

Some further observations from Harnett’s note “No market for Rich Men”:

Tightening by Fed, rhetorical tightening by ECB has succeeded in raising bond yields, volatility, reducing tech stocks (CCMP, QNET, SOX all at 1-month lows); flow data had indicated tech very overbought (Chart 2– flows into tech annualizing 22% AUM YTD)…

The Rest…HERE

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