Bank of America Warns Market Risk Aversion May Last Until Mid-November

Bank of America strategist Michael Hartnett believes that the current risk aversion in global markets may persist until mid-November. He remains tactically cautious on risk assets until uncertainties surrounding AI financing risks, pressure in the French bond market, and the U.S. midterm elections dissipate. In a client report, Hartnett stated that Bank of America will maintain tactical hedging until mid-November and anticipates a combination of declining yields, falling stocks, and a weaker dollar during this period. Compared to early October, Hartnett's assessment has changed; at that time, he believed that a recovery in risk appetite would require waiting for the dollar and bond yields to peak. As October progresses, the weight of AI credit risks and political factors in his judgment has significantly increased.

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