BofA: The stock market is expected to see a wave of pullback after the Jackson Hole meeting.

[Bank of America: Stock Market Expected to Experience a Wave of Profit Pullback After Jackson Hole Meeting] Strategists at Bank of America noted that the record rebound in the U.S. stock market makes it an excellent opportunity for the Fed to take profits when it issues dovish signals at the Jackson Hole meeting. The team led by Michael Hartnett stated that investors are flocking to risk assets from stocks to Crypto Assets and corporate bonds as they optimistically believe that the Fed will drop the Intrerest Rate to support the weak labor market and ease the debt burden in the U.S. Hartnett wrote in a report that if Fed Chair Powell releases dovish remarks at the Jackson Hole meeting, it may lead to a decline in the stock market because investors "buy the rumor, sell the fact." He reiterated that he prefers international stocks over U.S. stocks, a view that has proven correct this year. Hartnett recently warned that the stock market may be forming a bubble. He believes that as investors seek to combat inflation and hedge against a weakening dollar, gold, commodities, Crypto Assets, and emerging market assets will be the biggest winners.