{"id":68388,"date":"2023-10-03T19:26:18","date_gmt":"2023-10-03T23:26:18","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/the-dollar-is-going-to-get-hit-stay-in-real-assets-says-bofa-strategist\/"},"modified":"2023-10-03T19:26:21","modified_gmt":"2023-10-03T23:26:21","slug":"the-dollar-is-going-to-get-hit-stay-in-real-assets-says-bofa-strategist","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=68388","title":{"rendered":"The Dollar Is Going to Get Hit. Stay in Real Assets, Says BofA Strategist"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000760135\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<p>        <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>Markets are going to go through some trauma.<\/p>\n<p>That was the big takeaway from Michael Hartness, chief investment strategist at Bank of America Merrill Lynch Global Research, at a conference held by finance journal Grant\u2019s Interest Rate Observer in New York on Tuesday. <\/p>\n<div class=\"paywall\">\n<p>A concern, he said, is that government spending is high, while monetary policy is likely to become more accommodative. U.S. government spending is 44% of gross domestic product, he said, below the level during the Covid-19 pandemic but more or less in line with those seen during the 2008-2009 financial crisis. And spending is likely to remain elevated because 2024 is a critical election year, while the Federal Reserve will feel intense pressure to cut interest rates, he said.<\/p>\n<p>Taken together, it means \u201cI want to be in real assets over financial assets,\u201d he said. Real assets\u2014investments such as precious metals, real estate, and infrastructure\u2014tend to perform best when inflation picks up. <\/p>\n<p>\n        BofA<br \/>\n       has predicted a recession next year. Hartness advised buying international and value stocks and suggested that investors should consider selling the so-called Magnificent Seven group of technology stocks, which includes<br \/>\n        Nvidia<br \/>\n       (NVDA),<br \/>\n        Apple<br \/>\n       (AAPL), and others that have surged partly due to the promise of artificial intelligence. Stock prices for that group don\u2019t reflect the chances of an economic downturn, so they could take a hit if a recession appears more likely, he said. <\/p>\n<p>Together, the seven stocks had accounted for three-fourths of the<br \/>\n        S&amp;P 500<span>\u2019s<\/span><br \/>\n       gains as of mid year, according to a\u00a0note\u00a0from Research Affiliates\u2019 Rob Arnott last month.<\/p>\n<p>Oil \u201cis about to get slaughtered\u201d and the dollar is going to get hit, Hartnett said. A recession would hurt demand for oil, whose price has pushed higher in recent weeks, while the dollar has gained from the Fed\u2019s tight monetary policy.<\/p>\n<p>Write to Karishma Vanjani at\u00a0karishma.vanjani@dowjones.com.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/dollar-inflation-real-assets-oil-gold-f2b8bc19?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Markets are going to go through some trauma. That was the big takeaway from Michael Hartness, chief investment strategist at Bank of America Merrill Lynch Global Research, at a conference held by finance journal Grant\u2019s Interest Rate Observer in New York on Tuesday. A concern, he said, is that government spending is high, while monetary [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":68389,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-68388","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Dollar Is Going to Get Hit. Stay in Real Assets, Says BofA Strategist | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Markets are going to go through some trauma. 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