流动报告：胜利、投票与警惕者

V for Victory, Votes & Vigilantes Scores on the Doors: commodities 38.6%, oil 33.0%, ACWI 16.1%, SPX 9.6%, US$2.6%, cash 1.7%, HY 1.7%, IG 0.2%, govt bonds -1.0%, gold -2.7%, bitcoin -28.3% YTD. 18 June 2026 Investment StrategyGlobal Zeitgeist: “Warsh is the best thing that’s happened to macro trading in a long time.” The Price is Right: victory...Iran done & US pivot back to boom & bubble to win US-China AI war; AI now 39% of SPX ~ ceiling of bubble concentration ex. railroads 1880s(Chart 3); bubbles = concentration not rotation...only tech outperformed SPX from Oct’98lows to Mar’00 highs, only tech/telco in positive territory last 6 months of bubble (Charts12-13). Michael HartnettInvestment StrategistBofAS+1 646 855 1508michael.hartnett@bofa.com Tale of the Tape: votes...Iran done ending plunge in Trump/economy/inflation approval(Chart 9); Wall St approval @ all-time highs (US household equity wealth up $6tn YTD –Chart 7), but GOP losing Senate in Nov = big “dollar down, yields down, stocks down”event; booms & bubbles ended by voters & vigilantes (and vol events, e.g. JPY & KRWcrises – Chart 4)...bulls will get “yippy” if no big bounce in Trump approval by Sept. Anya ShelekhinInvestment StrategistBofAS+1 646 855 3753anya.shelekhin@bofa.com The Biggest Picture: vigilantes...since Warsh pick for Fed Jan 30th(peak gold, XBT -30%) big US yield curve bear flattening (2s10s curve 75bps to 25bps) on “inflation =hikes” fear (CPI>unemployment rate rare but always coincides with yield curve inversion– Chart 8); bear move from inflation boom to stagflation bust (Chart 2) arrested if big oildrop offsets AI/wealth price spiral and sends CPI back <3%. Myung-Jee JungInvestment StrategistBofAS+1 646 855 0389myung-jee.jung@bofa.com Jessica GuoInvestment StrategistBofAS+1 646 855 0033jessica.guo@bofa.com Source:BofA Global Investment Strategy. The indicatoridentified above as the BofA Bull & Bear Indicator isintended to be an indicative metric only and may not beused for reference purposes or as a measure ofperformance for any financial instrument or contract, orotherwise relied upon by third parties for any otherpurpose, without the prior written consent of BofAGlobal Research. This indicator was not created to act asa benchmark.BofA GLOBAL RESEARCH More on page 2… 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 thefinancialresources to absorb any losses arising from applying these ideas or strategies.BofA Securities does and seeks to do business with issuers covered in its researchreports. 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 page 12 to 14.12985485 Timestamp: 18 June 2026 09:35PM EDT Weekly Flows: $126.4bn to equities, $25.1bn to cash, $19.7bn to bonds, $0.1bn fromcrypto, $2.9bn from gold. Flows to Know: •IG bonds: $10.3bn inflow, 11thweekly inflow,•US stocks: record $119.2bn weekly inflow...US stocks annualizing record $739bninflow in‘26 (Chart 10),•US mid cap: record $19.9bn weekly inflow,•US small cap: $12.3bn inflow…2ndbiggest weekly inflow ever,•Tech: record $19.2bn inflow...tech stocks annualizing record $154bn inflow in‘26(Chart 11),•Europe equities: $1.2bn outflow, 10thweekly outflow,•China equities: $9.1bn outflow, 12thweekly outflow. BofA Private Clients: $4.5tn AUM…65.6% stocks, 17.4% bonds, 9.8% cash; GWIMequity ETF share count up 5.1% YTD, 0.2% past week…underlying equity buying; past 4weeks private clients buying materials, TIPs, municipal bond ETFs, and selling Japan,staples, utilities ETFs. BofA Bull & Bear Indicator1: rises to 9.2 from 8.9 on surging equity inflows & tighterspreads in risky bonds;“extreme bull”positioning...“sell signal”triggered May'26...17 "sellsignals" since '02, average loss for global stocks over 2-3 months is 2-3%, hit ratio of~60%, max drawdowns of 15-20% (seeBofA Bull & Bear Indicator). Source:BofA Global Investment Strategy, GFD Finaeon, Bloomberg. Note: Japan is measured as %of MSCI ACWI, all others as % of US stock market. *"AI Big 10" = Magnificent 7 + Broadcom, AMD,Micron. Source:BofA Global Investment Strategy, Bloomberg, GFD Finaeon Source:BofA Global Investment Strategy, Bloomberg Source:BofA Global Investment Strategy, Bloomberg Source:BofA Global Investment Strategy, Asset Class Flows (Table 1) Equities:$126.4bn inflow ($140.0bn to ETFs, $13.4bn from mutualfunds) Bonds:inflows past 60 weeks ($19.7bn) Precious metals: outflows past 2 weeks($2.9bn) Fixed IncomeFlows (Chart 14) IG Bondinflows past 11 weeks ($10.3bn) HYBondinflows resume ($2.2bn) EM Debtinflows resume ($0.2bn) Munisinflows past 9 weeks ($2.5bn) Govt/Tsyinflows past 8 weeks ($1.6bn) TIPSinflows past 20 weeks ($0.