Bank of America sees the next extreme market move in Treasuries: 'Pain trade is bond crash'

People walk by the New York Stock Exchange (NYSE) on May 18, 2020 in New York City.
Spencer Platt | Getty Images

(This story is for CNBC Pro subscribers only.)

While the rally in stocks continues to intensify on optimism about a swift economic recovery, bond investors are at increasing risk of a summer of pain, according to widely followed Bank of America strategist Michael Hartnett.

More In Pro News and Analysis

CNBC ProWall Street analysts reveal the safest stocks to 'hide' as investors ride out the market storm
CNBC ProTech shakeout: Where to find the best value plays in the beaten-up sector
CNBC ProBest trades on CNBC Friday: These are the stocks the pros bought during Wall Street’s winning week