BofA’s Hartnett: A Fed Rate Hike in October Is the Most Bullish Event for Risk Assets

Hartnett's framing is a contrarian one: a hike as a bullish signal rests on the idea that it would anchor the long end rather than tighten conditions further. The scale of the cash build-up suggests positioning is already defensive, which is what gives the contrarian case its edge. The open question is whether policymakers would read a hike that way, or whether the tightening already delivered by global central banks keeps risk assets capped regardless.