Bank of America’s Michael Hartnett sees a “credit event” coming before the bear market will end, saying property and private equity are the likely sources.
In Finland, private capital giant Blackstone defaults on the bonds of an office property portfolio. In the US,
But the second is that these are the parts of the economy – real estate and private equity – where Bank of America’s equity guru, Michael Hartnett, believes the ugly “credit event” he believes is coming for global markets could start.accurately predicting that inflation would prove sticky, central banks would lift rates much faster than expected, equities would be hit by last year’s savage bear market, and stocks would bounce off their lows in late 2022.
The end of a necessary bear market will coincide with a credit event; until then, cash as good as bonds and stocks Second, Hartnett says the losers of the past decade should be winners as rates rise: value stocks, banks and Europe, where high savings rates mean higher rates are actually positive.
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