U.S. national debt about to reach bleak $40 trillion milestone — and it's likely hit $50 trillion soon

Bank of America’s chief equity strategist Michael Hartnett expects the next debt milestone will be reached by 2029, which is tilting positioning toward stocks over bonds. The note implies a preference for equities rather than fixed income, reflecting uncertainty around the forward path for debt/market conditions rather than a discrete earnings or policy shock.

Analysis

Bank of America’s chief equity strategist Michael Hartnett expects the next debt milestone will be reached by 2029, which is tilting positioning toward stocks over bonds. The note implies a preference for equities rather than fixed income, reflecting uncertainty around the forward path for debt/market conditions rather than a discrete earnings or policy shock.