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With Bonds in a ‘Coma,’ Buy Commodities: Bridgewater’s Patterson

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Reuters

A “recession shock” is coming, BofA warns

The macro-economic picture is deteriorating fast and could push the U.S. economy into recession as the Federal Reserve tightens its monetary policy to tame surging inflation, BofA strategists warned in a weekly research note. The Federal Reserve on Wednesday signalled it will likely start culling assets from its $9 trillion balance sheet at its meeting in early May and will do so at nearly twice the pace it did in its previous “quantitative tightening” exercise as it confronts inflation running at a four-decade high. In terms of notable weekly flows, BofA said emerging market equity funds enjoyed the biggest inflow in ten weeks at $5.3 billion in the week to Wednesday while emerging market debt vehicles attracted $2.2 billion, their best week since September.

Benchmark Treasury yield hits 3-yr high; dollar posts weekly gain

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