That is even more drastic than implied by futures , which had been well ahead of Fed intentions until now.
Such hawkish chatter from the Fed is a major reason long-dated Treasury yields fell last week as the short-end rose.
BofA economists see this risk as reason to be bearish on equities, though their latest survey of fund managers found just 6% expected recession next year and only 13% were underweight stocks.
They also noted that for 2021, the winners had been oil with a gain of 48%, REITs at 42%, Nasdaq at 25% and banks with 21%.
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