Hartnett: "There's Your Credible Big Bull Trade: Bonds H1 '23, Stocks H2 '23"

One week after Wall Street's most accurate analyst of 2022, BofA CIO Michael Hartnett correctly praised the virtues of the Pivot Portfolio, which over the past ten days soared on the quadfecta of i) Political Gridlock; ii) the Crypto Credit Event of FTX blowing up; iii) Cool CPI (and then PPI) and iv) pervasive Bears Galore with a record-matching 34 weeks of negative AAII bull mins bears sentiment...

... Hartnett is back with his latest Flow Show note, and he immediately hits the nail on the head saying that "If bond market can't bid with forward-looking data this weak, we are about to enter whole new world of deflationary pain".