Hard Landings, Bond Vigilantes And Angry Villagers

If you ask BofA's Michael Hartnett, this is no time to get comfortable. "We use any rallies in risk assets in the coming months to get defensive and position for hard landing," he wrote, in the latest installment of his popular weekly "Flow Show" series. As always, Hartnett's latest was entertaining and engaging, even if the bearish undertones vis-à-vis equities feel a bit tired by now (i.e., 40% later on the Nasdaq 100). He correctly assessed that subjective hard landing odds have probably