If It Walks Like A Bear, Growls Like A Bear...
BofAML's Michael Hartnett says that clients are no longer in "denial" about recession/bear market risks; but clients not yet willing to "accept" we are already well into a normal, cyclical recession/bear market.
How about now?
As Hartnett warns, if it walks like a bear, and growls like a bear...
US 5y5y forward breakeven (USGG5Y5Y) collapses to lowest level since Mar’09.