BofA-The Flow Show-Around the World in Eight Maps -240322

AccessibleversionTheFlowShowAroundtheWorldinEightMapsScoresontheDoors:crypto53.8%,oil15.7%,commodities8.4%,stocks6.5%,gold21March20244.0%,USdollar2.5%,HYbonds1.2%,cash1.1%,IG-1.3%,govtbonds-3.2%YTD.InvestmentStrategyZeitgeist:eightmapsdepictingpolitical,geopolitical,technologicaltrendsshapingGlobaltoday’sinvestmentzeitgeist–seepage4onward.MichaelHartnettTaleoftheTape:Feddesperatetocutrates,ECB/BoEneedtocutrates,SNBcuttingInvestmentStrategistrates,PBoCalsocuttingrates,onlyBoJraisingrates(byaminimal10bps);55globalBofAScentralbankratecutsoverthepast6months(Chart3);theDNAoftoday’s“everything+16468551508bull.”michael.hartnett@bofa.comThePriceisRight:centralbankstolerantofhigherinflation,intolerantofcurrencyElyasGalou>>appreciation(noteyenat30-yearlowvsrenminbi–Chart5),anxiousforsoftlandingbutInvestmentStrategistalsotoalleviateburdenofrecord$82tnofglobalgovtdebt(Chart4)…whybondsinbearBofASE(France)andnominalassetsstocks&goldatall-timehighs…(thoughnotofcourseinrealterms).+33187700087elyas.galou@bofa.comTheBiggestPicture:sameFed,sameleadership:techatall-timerelativehigh(Chart2),Mag7again>30%SPX;nonewbullmarketasnorecession,nochangeinleadershipAnyaShelekhin(samewithIG&bonds),nokick-startcheapvaluation(e.g.10xPEin1920s,‘50s,‘80s,InvestmentStrategist2010s);’24=extensionofbullsstartedin09…andlatecyclessooften...