BofA's Hartnett Warns: If Bessent Can't Cap Long-End Rates, Dollar Plunge and Asset Selloff Will Follow

Hartnett warns: If Bessent fails to push the 30-year Treasury yield below 5%, the dollar will fall sharply, and the market will turn to shorting risk assets, shorting leverage (AI hyperscale computing, private credit), and shorting cyclical assets (financial stocks). Hartnett holds a bullish stance on gold and unloved long-duration assets, describing the current policy bet as one where "success is expected, failure is unimaginable."