Over this year we have watched as various Wall Street investment houses have made a hash of sector rotations and equity factors. Today I can report that they are increasingly falling in behind MB (which may not be a good thing!).
The most bearish on stocks and hawkish on inflation has been BofA. No longer!
Tale of the Tape: China = best government bond marketYTD (4.5%), 2nd best currency vs US$ (0.9%), worst HY bond market (-4.8%, spreads>1000bps), worst MSCI equity index (-5.7%); like Japan 1990-2007, China the new global deflationary force.
