🔹🇺🇸 The BofA strategist, Michael Hartnett, said that investors were "anticipating" a capitulation from the Fed on interest rates and reiterated his view that a bubble was forming in U.S. stocks.

▶️ U.S. equity funds attracted just under half of the total flows so far this year, compared to 72% in 2024, citing figures from EPFR Global.

📈 A recent recovery of the S&P 500, led by the technology sector, towards new records suggests that investors are too complacent about the economic impact of higher rates, UBS analysts said this week.

🏦▶️ On Thursday, Fed Governor Christopher Waller, whose name has been mentioned among the candidates to succeed Powell, called for policymakers to cut rates this month to support a labor market that, according to him, is showing signs of weakness.