Only Threat of Recession Driven by Higher Rates Will Slow Big Tech Stocks

• Bank of America says the ongoing “anything but bonds” bull market has led to a very top-heavy stock market.
• The firm is watching real 10-year yields and credit spreads for signals of when that AI-led rally could end.
• BofA says higher yields and tighter spreads could sound recession alarms and spur a stock sell-off.

Bank of America has coined a phrase for what’s going on in markets right now, calling it an “a