The exceptional mix of factors that have helped US equities markedly outperform the rest of the world for more than a decade is near a peak, according to Bank of America strategist Michael Hartnett.
“US exceptionalism [is] now exceptionally expensive, exceptionally well-owned – outperformance to peak in 2025 as excess government spend ends, immigration reduced and DeepSeek means peak in AI capex return expectations,” he said in a note.
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Timothy Moore writes on equities, commodities and monetary policy. He writes Before the Bell and contributes to the Markets Live blog. Connect with Timothy on Twitter. Email Timothy at timothy.moore@afr.com
