LONDON—The macro-economic picture is deteriorating fast and could push the U.S. economy into recession as the Federal Reserve tightens its monetary policy to tame surging inflation, BofA strategists warned in a weekly research note.
“‘Inflation shock’ worsening, ‘rates shock’ just beginning, ’recession shock' coming”, BofA chief investment strategist Michael Hartnett wrote in a note to clients, adding that in this context, cash, volatility, commodities, and cryptocurrencies could outperform bonds and stocks.
