BofA's strategist says the Fed is now more likely to hike than cut

Summary

Savita Subramanian runs US equity strategy at BofA Securities, and on the morning of a hot October inflation print she says policymakers are now more likely to hike than cut or pause. Her worry is not the short end. It is what rate volatility at the long end does to asset values, and the fact that Big Tech no longer has the lever it pulled in 2023, when it cut spending and bought back stock. Those companies are net issuers today. She closes on something stranger. The most crowded equity position in the world, she says, is the S&P 500 index itself, which has never seen a year of outflows…

Description from Yahoo News.