<\/p>\n
The markets are starting to look bubble-like, according to a top Bank of America strategist.<\/p>\n
In a new interview<\/a> with Bloomberg, Michael Hartnett, the bank\u2019s chief investment strategist, points to surging prices in crypto, the \u201cMagnificent Seven\u201d tech stocks and AI-related equities.<\/p>\n \u201cI mean there\u2019s tremendous euphoria. The euphoria\u2019s there because of the Fed. The Fed wants to cut rates, come what may, and the markets are frontrunning that in gold, crypto, in equities, and even in corporate bonds. <\/em><\/p>\n But a bubble is when too much money chases too few goods and everyone wants chips and there\u2019s a lot of money chasing that, and yeah, I think it has characteristics [of a bubble] in terms of price, the speed of the movement, the valuation, the breadth. Bubbles are narrow, bull markets are broad, and this isn\u2019t very broad.\u201d<\/em><\/p>\n \u00a0<\/em>The \u201cMagnificent Seven\u201d tech stocks include<\/a> Microsoft, Amazon, Meta, Apple, Alphabet, Nvidia and Tesla.<\/p>\n Hartnett notes the bubble \u201cdoesn\u2019t necessarily have to pop right now,\u201d but he says the macroeconomic data in the US is looking ominous, particularly in the labor market.<\/p>\n \u201cThere\u2019s no doubt that the labor market is cracked in the US. At the same time, there isn\u2019t a human being in America who thinks inflation\u2019s going to 2%. Because it\u2019s not. It\u2019s stuck between 3 and 4%. <\/em><\/p>\n So that backdrop of inflation coming in a little higher than expected and growth coming in a little weaker than expected, that\u2019s normally not good for risk assets, but if risk assets say \u2018We don\u2019t care, we\u2019ve got AI and all this sort of stuff,\u2019 that is very symptomatic of the sort of bubble mentality.\u201d<\/em><\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>  <\/p>\n Generated Image: Midjourney<\/em><\/span><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" The markets are starting to look bubble-like, according to a top Bank of America strategist. In a new interview with Bloomberg, Michael Hartnett, the bank\u2019s chief investment strategist, points to surging prices in crypto, the \u201cMagnificent Seven\u201d tech stocks and AI-related equities. \u201cI mean there\u2019s tremendous euphoria. The euphoria\u2019s there because of the Fed. The […]<\/p>\n","protected":false},"author":2,"featured_media":266259,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-266258","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/266258","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=266258"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/266258\/revisions"}],"predecessor-version":[{"id":266261,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/266258\/revisions\/266261"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/266259"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=266258"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=266258"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=266258"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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