BofA’s Hartnett Keeps Risk-Off Stance Until Mid-November, Sees Stocks, Yields and Dollar Falling

Hartnett's call is notable less for its directional bet than for what it says about how macro strategists are framing AI equities: not as a standalone growth story but as a sentiment trade vulnerable to political risk. The midterm angle is the sharper point — his argument is that markets have not fully priced a Democratic sweep and the policy shift it would imply for taxes and regulation, which ties equity risk to an election outcome rather than earnings. Whether that repricing actually shows up before mid-November, and whether the AI unease he cites proves durable, are the open questions worth tracking.