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![]() comments, ephemera, speculation, etc. (protected political speech and personal opinion) 2020- 2020-05-29 d Guide for The Perplexed (an occasional series) BofA: The "Weak" Inherited
May... But Sell In June As Fed Bazooka Fades
One week after BofA's CIO Michael Hartnett caused a stir among Wall Street traders for telling the truth, saying in his weekly Flow Show that these are "fake markets" in which "government and corporate bond prices have been fixed by central banks...why would anyone expect stocks to price rationally?" almost verbatim repeating what Deutsche Bank had said just a few weeks earlier, namely that "These are administered markets and market outcomes will be dictated by the policy goals of the Fed and Treasury, and the tools they select to implement policy," the BofA strategist sets aside the drivers behind the market's impressive 35% gain since the March lows, and instead focuses on the (very big) numbers that define 2020 to date, which are as follows: (read more) ______________________ Permission is hereby granted to any and all to copy and paste any entry on this page and convey it electronically along with its URL, ______________________ |
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