Bear Risks To The ‘Nominal Bull’

Those of you old enough (or, as a reader once joked, while putting her own spin on one of my favorite quips, young enough) to remember two months ago, might recall BofA's Michael Hartnett saying it'd be "so 'on-brand' for stocks to melt-up into recession -- suck 'em all in right before the hard landing." Fast forward to July, and we have in fact seen an equity melt-up. But we haven't seen a hard landing. The US economy has, if anything, reaccelerated. Growth in Q2 was stronger than expected, f