With the big recent rally in stocks, investors should get defensive and find safe havens, according to a one prominent Wall Street firm.
"Risk assets (are) about to top. Ultimately markets (are) about rates and earnings, little else. Central banks have played rates card as aggressively as they can. ECB done, Bank of Japan has nothing in the tank," Bank of America Merrill Lynch's chief investment strategist Michael Hartnett wrote in a note to clients Thursday.
"Any U.S. macro strength will elicit Fed rate hike expectations."