流量秀：高血压

Hypertension Scores on the Doors:gold 52.3%, stocks 20.5%, bitcoin 10.4%, IG bonds 9.1%, HYbonds 8.9%, commods 6.4%, govt bonds 6.1%, cash 3.6%, USD-8.0%, oil-16.3% YTD. 06 November 2025 Investment StrategyGlobal Zeitgeist:“Crystal clear that for now market can’t handle higher yields and US dollar.” Zeitgeist:“You knowFed will be buying AI hyperscaler bondswhen they next do QE.” Zeitgeist:“Elections have consequences,somaybeaffordability anger on Main Sttelling Wall Styou can’t run it hot,thathigher stocks maymeanlower votes.” The Biggest Picture:Trumpapproval rating 43%(Chart 2–41% on economy, 36%1oninflation);politically imperative in’26 that inflationand budget deficits under control…whycontrarianrally in zero-coupon bonds set to continue; and US political risks = weakUS dollar =long China &EM. Michael HartnettInvestmentStrategistBofAS+1 646 855 1508michael.hartnett@bofa.com Elyas Galou>>Investment StrategistBofASE (France)+33 1 8770 0087elyas.galou@bofa.com The Price is Right:so long as credit spreads, banks, broker-dealers don’t break bad (i.e.,IG CDX >75bp, BKX <140,XBD <950) asset allocators likely to ignorerecent“peak”easyfinancial conditions“tell”fromcrypto, gold, subprime tech;stillPE &BDCs can’t shake“krunchy kredit”fear&bulls never want to seeIPOsunderwater (i.e.,IPO<$44). Anya ShelekhinInvestment StrategistBofAS+1 646 855 3753anya.shelekhin@bofa.com Tale of the Tape:wider AI hyperscaler bondspreads catching eyes, but equity tape ofhousing, retail, packaging, REITs, small cap borderline recessionary; if Fed cutting intore-acceleration these Main St cyclicals a steal; but if they can’t catch tells youFedbehind-curve,employmenttrumpingrates,UStax cutsmore likelysaved thanspent. Myung-Jee JungInvestment StrategistBofAS+1 646 855 0389myung-jee.jung@bofa.com Chart2:Inflation is politically unpopularS&P500 index price & US President Trump approval rating More on page 2… 1Real Clear Politics Trading ideas and investment strategies discussed herein may give rise to significant risk and arenot suitable for all investors. Investors should have experience in relevant markets and the financialresources to absorbany losses arising from applying these ideas or strategies.>> Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analyst under the FINRA rules.Refer to "Other Important Disclosures" for information on certain BofA Securities entities that take See page 9 for a glossary of acronyms andother abbreviations. responsibility for the information herein in particular jurisdictions.BofA Securities does and seeks to do business with issuers covered in its research reports. As a result, investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision.Refer to important disclosures on page10to12.12899123 Timestamp: 06 November 2025 10:15PM EST Weekly Flows:$117.3bn to cash(2ndlargest inflow YTD), $39.4bn to stocks, $18.8bn tobonds, $0.4bn from gold, $1.9bn from crypto. Flows to Know: •IGbonds: 28thweek of inflows ($14.9bn);•US equities: 8thweek of inflows, longest streak since Dec'24 ($19.6bn this week);•Japan equities: biggest 2-week inflow since May'24 ($7.5bn);•China equities: 3rdbiggest inflow of '25 ($9.1bn);•Korea equities: 2ndbiggest inflow of '25 ($1.1bn);•Europe equities: biggest outflow since Aug'25 ($1.7bn);•Tech: biggest 2-month inflow ever ($36.5bn);•Materials: biggest 2-week outflow ever ($11.3bn). BofA Private Clients:$4.3tn AUM…64.9% stocks (highest since Mar’22), 17.8% bonds(lowest since Apr’22), 10.1% cash (lowest since Sep’18); private clients selling stockspast 8 weeks at fastest pace in a year ($12bn outflow),bond buying annualizing $30bninflow; in ETFs past 4 weeks, private clients buying Japan, IG & HY bonds, andsellingfinancials, bank loan, and industrials. BofA Bull & Bear Indicator:rises to 6.4 from 6.3 on strong inflows to EM stocks,better credit market technicals, low FMS cash (3.8%),offsettingHY bond outflows andbearish hedge fund positioning(record 10-year UST longs via futures). On Price:“tops are a process, lows are a moment”;rates falling, EPS rising, AI bubbling,expectation ofTrump/Fed/Gen-Z puts…what’s not to love; still 2ndderivative ofglobalinterestrate cut frenzy rolling over (80 rate cuts next year vs >150in‘25),and elections,employment, AI bonds…bulls less conspicuous, more circumspect… OnElections:blue states butNov elections sawDems win big in CA (64-36%), VA (57-42%), NJ (56-43%), NYC (50-42%)with“affordability”#1 voter issue everywhere; easytooverinterpret, but booms & bubbles rarely optimal way to reduce inflation &inequality, and booms&bubbles what market has been frontrunning;weexpectdeeperUS government intervention(“invisible hand to visible fist”theme–Chart5) todirectlycontrol prices/boost supply in energy, healthcare, housing, andsoonutilities(onAI-s