The latest weekly Flow Show from BofA's Michael Hartnett (available to pro subs) starts off whimsically enough, with four "zeitgeist" quotes from across all sectors of the market:
- Zeitgeist I: “Trump cuts taxes like a Republican, spends like a Democrat, DOGE was a bust, tariffs are a bust, so only way he gets the deficit down to 3% of GDP is via max pumping GDP and hoping Bessent can sweet talk the vigilantes,” bond bear.
- Zeitgeist II: “It’s like the ‘80s deregulation boom and the ‘90s tech boom all at the same time,” stock bull.
- Zeitgeist III: “If the US is so exceptional, why does it need tariffs?” dollar bear.
And last but not least, perhaps the most accurate take:
