1970s Nixon Rerun: Why Hartnett Is Betting All On Gold, Crypto And Yield Curve Control

One week ago, when amid a litany of "lucky numbers", BofA's Michael Hartnett shocked some of his readers (and clients), when he observed that if this bull market follows the path of history, then "history says S&P 500 peaks at 9914 in Sep 2027" because the "average gain in 14 US equity bull markets in past 100 years is 177% in 59 months." This, of course, assumes there is no crash before then. Or maybe even assuming there is, because the big question investors are starting to ponder is what will the Fed and other central banks do when the bond market finally cracks, and the answer proposed by Hartnett is the one we have been offering for years, namely Yield Curve Control... and the end of free bond markets.

M2 now positive with rates at 5.5%. And rate cuts/QE/YCC are just a matter of time pic.twitter.com/5RJANfqzQo

— zerohedge (@zerohedge) June 11, 2024