💬 [E1691] BofA contrarian FMS pair trades: Long bonds/short gold; long USD/short EM; long tech/short banks; long REITs/short materials.

🟢 [E1602] BofA FMS shows 'Long gold' is the most crowded trade (per 50%) for the second month in a row. Investors expect gold to peak at ~$6,200/oz this cycle.

🟢 [E1665] BofA FMS: 43% cite private equity/private credit as the most likely source of a systemic credit event.

🔴 [E1641] BofA FMS: Net 23% of investors now say corporations are 'overinvesting'—a new record. CIOs telling CEOs to improve balance sheets (35%) rather than increase capex (20%, down from 34%).