Bank of America strategist Michael Hartnett warns current market conditions parallel the 2008 financial crisis. Spiking oil prices and private credit risks create an environment similar to 2007-2008.
Hartnett notes 2026 asset performance mirrors price action from mid-2007 to mid-2008. Banks face increasing exposure to the private credit market.
The sector faces fund redemptions and scrutiny over underwriting standards. Soaring energy costs fuel fears of potential stagflation.