BofA Says Sell Equities Rally Ahead of 2023 Unemployment Shock

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  • Bears (like us) worry unemployment in 2023 will be as shocking to Main Street consumer sentiment as inflation in 2022,”

  • is preference for bonds over equities in the first half of 2023.

  • That was reinforced earlier this week after Chair Jerome Powell signaled the central bank was ready to slow the pace of rate hikes, but data Friday showed employers added more jobs than expected in November, indicative of labor demand that’s still too strong.

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