US national debt nears $40 trillion... BofA's Hartnett warns to avoid bonds

1. 1With US national debt approaching $40 trillion, Bank of America (BAC) chief equity strategist Michael Hartnett recommended avoiding bonds.
2. 2He projected national debt reaching $50 trillion by 2029, and warned that the recent $1.4 trillion in annual interest costs will keep growing unless 5-year Treasury yields fall below 3.25%.
3. 3He dubbed the 2020s playbook 'everything except bonds,' and noted stocks kept rallying on expectations of policy intervention despite higher rates and deficits.

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