Michael Hartnett, Chief Investment Strategist at Bank of America, has indicated that the United States is no longer the primary growth engine of the global economy.
This perspective reflects shifting investor sentiment and a reevaluation of the U.S.’s role in driving global economic expansion.
Hartnett’s analysis suggests that the era of U.S. economic exceptionalism is waning. He points to factors such as the reversal of globalization trends, reduced independence of the Federal Reserve, and the end of fiscal and monetary excesses as contributing to this shift.
These changes are leading to a new normal of 3-4% inflation outside of recessions and a rise in the U.S. savings rate. B17 News
In light of these developments, Hartnett advises investors to adjust their strategies accordingly. He recommends selling on gains in U.S. stocks and the dollar, while favoring investments in bonds, international markets, and gold.
This approach reflects a broader trend of diversifying portfolios away from U.S.-centric assets in response to evolving global economic dynamics.
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