BofA The Flow Show: A Tail of Two Cities (Highlights)
Key takeaways Risk-off until US$ peaks; policy panic limits downside unless MDY "Buy humiliation"... add duration as bonds getting close to offering equity-like returns Capex/inflation support "it's the railroads this time" bull case; yields & credit event risk do not Scores on the Doors: oil 61.8%, global stocks 12.1%