BofA’s Subramanian: Bonds Now Genuinely Compete With US Stocks

The notable shift here is not the yield level itself but that a major sell-side equity strategist is publicly conceding the relative-value case for bonds — a framing that has been rare for most of the post-2009 era. It matters most for allocators weighing duration against equity risk, and for the sentiment argument: if positioning is already stretched, the marginal buyer of stocks is harder to find. Whether that sentiment reading translates into actual de-risking, or remains a valuation talking point, is the open question.