zerohedge.com / by Tyler Durden / Mar 12, 2017 5:00 PM
8 years after the beginning of “Bull & Fed’s Excellent Adventure”, BofA’s Michael Hartnett is starting to have his doubts.
The bull market catalyst – extraordinary, unprecedented central bank policies – is fading globally and the so-called “Humpty-Dumpty’ Trade looms:
The Fed has hiked 2 times in past 10 years; March 15th will be the 2nd hike in 3 months and they will continue tightening until “event”
This is the “great fall” in risk assets catalyst = hawkish Fed & weaker EPS in H2 – BofAML suggests buy long-dated SPX puts (June FOMC/ECB = volatility); accumulate gold; avoid “ZIRP winners”…CRE, HY, EM debt, NZ$
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