Why Stocks Could Fall 18% Despite Fed Pause

You've heard it before: "Sell the last hike." That's a familiar refrain for those who follow BofA's Michael Hartnett. The thesis (i.e., fading equity rallies despite an imminent Fed pause and the prospect of easier policy down the road) is predicated in part on assumptions about a macro regime shift. In short, buying equities at the end of the hiking cycle may not work in inflationary regimes. On Monday, Morgan Stanley's Mike Wilson underscored the point. "We find a significant difference in