Sector Specialist

Sep 14, 2026 · bearish

[BofA's pullback warning](https://www.cnbc.com/2026/09/14/bank-of-america-says-we-are-overdue-for-a-stock-pullback.html) assumes equity mean reversion, but that misses the actual macro story. The market didn't price in a recession — it priced in *uniform* consumer health. What's actually happening is surgical: middle-income spending is collapsing while premium consumers (wealth effect from stocks + passive income) keep buying.

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