Bloomberg Talks Bank of America Chief Investment Strategist Michael Hartnett Talks Market Reaction to the Iran War
Mar 19, 2026
Michael Hartnett, chief investment strategist at BofA Global Research known for sharp market calls and macro analysis. He links the Iran war to corporate earnings and compares current oil-driven shocks to 2008. He pinpoints mispriced assets, suggests where to start nibbling in equities and Treasuries, and lays out oil scenarios and central-bank risks.
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Market Dynamics Echo 2008 With A Supply Shock Twist
- Markets are starting to resemble 2008 because credit tremors are bubbling under a rising oil price environment.
- Hartnett contrasts demand-led 2008 oil shocks with today's supply-led shock and warns markets assumed it would be short lived.
Markets Were Betting On A Quick End To Reduce Oil Fears
- The market priced a short war and sought an 'end' to avoid exponential oil moves and tightened financial conditions.
- Hartnett says sentiment flipped: investors delayed selling hoping policy would change, but now selling may be required to force policy action.
Where To Begin Buying Stocks And Long Treasuries
- Start nibbling on the S&P 500 around 6,600 and buy 30-year Treasuries if yields rise above 5%.
- Also consider fading the dollar index above 100, but accept these levels may need to worsen first.