U.S. national debt nearing $40 trillion as BofA warns against bonds

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Bank of America's Michael Hartnett predicts the debt will reach $50 trillion by July 2029, reinforcing his "Anything But Bonds" strategy

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With the U.S. national debt on the verge of crossing $40 trillion, Bank of America $BAC chief equity strategist Michael Hartnett is telling investors to steer clear of bonds, arguing that the burden of financing that debt shows no sign of easing.

Hartnett's investment framework for the 2020s centers on what he calls "Anything But Bonds" — a posture shaped in part by ballooning federal debt and the interest expense it generates, according to Investing.com. He projects the national debt will reach $50 trillion by 2029, according to MarketWatch.