Strategists at the investment bank are forecasting a rise in demand for Australian debt.
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Bank of America believes that shares of American Eagle could fall an additional 22% from here.
Michael Hartnett, Bank of America's chief investment strategist, pointed to a cluster of extreme positioning indicators.
The recent rally in Bank of America and JPMorgan may soon stall or reverse, the Wall Street broker says.
As investors downplay risks across equity and credit, BofA has pinpointed a key defensive trade.
The bank's chief investment market strategist made the case for the trades in his weekly market note.
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