Bank of America say they remain bearish US stocks, investors are too bullish, Fed not done

I had this earlier from Bank of America on their Federal Open Market Committee (FOMC) outlook:

With high inflation sticky, BoA argue the risk is for further Fed rate hikes:

• “We remain bearish; still think biggest ‘pain trade’ next 12 months Fed funds 6% not 3%,”

BoA add that investors have become too bullish and characterize January – March as

and April to June as

Say on narrow breadth,

• S&P breaking out bull market bubbly (though ex-Magnificent 7 up more sober 1% YTD)

And, the

• “Fed ain’t done with hikes
• … we stick with ‘sell the last rate hike’ call,”