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Get ready for a 10% stock drop, driven by the 3 ‘Rs,’ warns Bank of America


An earlier version of this article incorrectly described changes in investment-grade corporate yields over the past decade. The article has been corrected.

Bank of America was ringing alarm bells over equities on Friday, as it warned a correction is looming.

“3R’s of rates, regulation, redistribution are the historic catalysts that end bull markets & bubbles…we say all ’21 events, not ’22, and all spell lower/volatile coming quarters/years,” said Michael Hartnett, chief investment strategist at the bank, in the Flow Show note to clients.

He said investors may be facing higher inflation in the second quarter, and while it is possible the Federal…


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