Quickest Route to Recession is Wall Street Crash - BofA

Bank of America Chief Investment Strategist Michael Hartnett has reflected on key flows on Wall Street in the last week to Wednesday.

The strategist notes that Main Street has never been more levered to Wall Street, which offers the “quickest route to recession,” in case the stock market crashes.

When it comes to key flows, equities attracted $17.1 billion with $14.9 billion inflows to cash. $2 billion went to gold while $10.2 billion went out of bonds.

“Largest outflow from bonds since Mar’21, largest outflow from HY since Sep’20, largest outflow from TIPS since Nov’20, largest outflow from munis since Apr'20; largest inflow to gold since Feb’21; largest inflow to EM equities since Mar’21,” added Hartnett.

BofA private clients are buyers of stocks for 8 consecutive weeks.

By Senad Karaahmetovic | [email protected]

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