Bank of America strategist: Federal Reserve rate hike speculation is "nonsense," consumer stocks may be at best buying opportunity
Bank of America's chief equity strategist Hartnett stated that despite rising oil prices potentially exacerbating inflation and dragging on the economy, consumer stocks may be the best buying opportunity at this time. He believes consumer stocks have already digested stagflation expectations and warns that rising oil prices could delay Fed rate cuts, potentially suppressing the stock market in the near term. He is bullish on international markets and commodities in the long term, calling them the "true secular bull market of the inflationary era."
