🟢 [E1624] BofA Flow Show: US national debt $40tn by midterms, rising $1.0tn every 100 days. Fiscal arithmetic drives the administration's need to cap long-end yields.

🟢 [E1658] BofA identifies 'Great Rotations': AI-awe to AI-poor, Wall Street to Main Street, US large-cap growth to small-cap value. Beneficiaries include silver (+56%), KOSPI (+34%), materials (+25%), energy (+20%) vs Mag 7 (-8%).

🟢 [E1680] BofA: Trump approval on Wall Street at all-time highs, on Main Street at new lows of 42.1%, on inflation 36.4%. No Trump bump after February 24th State of the Union.

🔴 [E1642] BofA: Most obvious catalyst to reverse the AI-awe to AI-poor rotation is an AI hyperscaler announcing a capex cut.