BofA Strategists Say Rates Jitters Are Fueling Stock Outflows [BNN Bloomberg (Canada)]
Bank of America Corporation (BAC)
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Source: BNN Bloomberg
keep interest rates higher for longer, according to Bank of America Corp. strategists. A team led by Michael Hartnett wrote in a note that good economic news is now bad news for stocks, a shift in mindset from the first quarter when “good news = good.” Evidence of this is the $21.1 billion investors redeemed from stock funds in the two weeks through Wednesday, the most in a fortnight since December 2022, BofA said, citing data from EPFR Global. Stocks have slumped in April after a strong first quarter as traders scale back their bets on rate cuts in the face of hot inflation and job-market prints. An escalation of the conflict in the Middle East is also weighing on risk appetite because of worries it will cause higher energy prices that further delay central bank policy easing. Hartnett said bulls regard this pullback as “healthy” while bears are growing wary over US growth stocks as they struggle to break new highs. Meanwhile, there are ominous signs in high-yield bonds, which
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