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BofA’s Hartnett Warns Markets Are Starting to Look Like 2008

The spike in oil prices and growing concerns around private credit are causing market activity to resemble the lead-up to the global financial crisis, according to Bank of America’s Michael Hartnett.

Mar 13, 2026 &03581313202631; 11:58 UTC feeds.bloomberg.com Trending 3/5

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Negative for markets

Sentiment score: -75/100

High impact Medium-term (weeks)

WHAT THIS MEANS

BofA strategist Michael Hartnett warns that current market conditions, characterized by rising oil prices and private credit concerns, are beginning to mirror pre-2008 financial crisis patterns. This cautionary assessment suggests potential systemic risks that could impact broad market stability.

AI CONFIDENCE

85% Very high

SENTIMENT GAUGE

NEWS POWER SCORE

AFFECTED ASSETS

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S&P 500

^GSPCIndex

Expected to decline

Broad market vulnerability to systemic risks similar to 2008 crisis period

↓

Euro Stoxx 50

^STOXX50EIndex

Expected to decline

European equities exposed to private credit stress and oil price volatility

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Oil (WTI Crude)

CL=FCommodity

Expected to rise

Oil prices spiking, contributing to crisis-like market conditions

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Euro / US Dollar

EURUSDCurrency

High volatility expected

Currency volatility expected amid financial stability concerns

↓

10-Year Treasury Yield

^TNXBond

Expected to decline

Flight-to-safety demand likely to drive bond yields lower

PRICE HISTORY

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⚡ SUGGESTED ACTION

Reduce equity exposure and rotate toward defensive assets and safe-haven bonds. Consider hedging strategies against credit market disruption and monitor oil price movements as a leading indicator of broader financial stress.

KEY SIGNALS

Oil price spike warningPrivate credit stress indicators2008 crisis pattern recognitionSystemic risk elevationMarket structure vulnerability

SECTORS INVOLVED

FinancialsEnergyCredit MarketsBanking

Analysis generated on Mar 16, 2026 at 14:40 UTC

Disclaimer: This analysis is generated by artificial intelligence for informational purposes only and does not constitute financial advice, investment recommendation, or solicitation. Original reporting by Bloomberg Markets. Always conduct your own research and consult a qualified financial advisor before making investment decisions.

BofA’s Hartnett Warns Markets Are Starting to Look Like 2008

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