Bollcoin, October 23 — Bank of America strategist Michael Hartnett believes the current risk-off mood in global markets could persist into mid-November. He remains tactically cautious on risk assets until three uncertainties clear: AI financing risk, pressure in the French bond market, and the U.S. midterm elections. In a Friday client note, Hartnett wrote that BofA will "maintain a tactical risk-off stance until mid-November," and expects this phase could bring a combination of "lower yields, lower stocks and a weaker dollar." This view marks a shift from early October, when Hartnett argued that a recovery in risk appetite first required dollar and bond yields to peak; by late October, AI credit risk and political factors had clearly gained weight in his assessment.