Bonds to ‘Rally Big’ in 2024 Amid Recession, BofA’s Hartnett Says
- Expects bonds to be best-performing asset in 2024 first half
- Says recession or credit event will trigger policy easing
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Beaten-down bonds will make a comeback in 2024 as high interest rates and tighter financial conditions increase the risk of the economy making a hard landing, according to Bank of America Corp.’s Michael Hartnett.
Once the recession being priced by bond and stock markets “mutates into economic data, bonds rally big and bonds should be the best performing asset class in the first half of 2024,” Hartnett wrote in a note.