A post by @DeItaone on X.

Bank of America's Michael Hartnett said investors should stay risk-off until the 10-year Treasury yield falls below 4.5%, a threshold he said may not be reached until December or later. The strategist's stance ties equity and risk-asset positioning directly to the pace of easing in financial conditions, with the 4.5% level on the benchmark yield serving as his trigger for turning bullish. The call matters because it signals that one of Wall Street's more prominent strategists sees little reason to add risk while yields remain elevated. What to watch next is the path of the 10-year yield toward that 4.5% mark, since a break below it would, by Hartnett's framework, mark the shift to a more constructive stance.