According to online reports, Bank of America strategists said investors should sell U.S. stocks and the U.S. dollar on every rise, and warned that the conditions for continued gains were fading. The team led by Michael Hartnett said that the dollar is in the process of long-term depreciation, and the trend of outflow of funds from U.S. assets will continue until the Federal Reserve begins to cut interest rates, the United States and China reach a trade agreement, and consumer spending remains firm. After reaching extreme valuations in 2024, U.S. assets suffered a setback this year as investors cut their exposure following aggressive trade policies. Tariffs are threatening global economic growth and could exacerbate U.S. inflation, prompting investors to spread risk when allocating assets. The S & P 500 fell as much as 19% from its February high before recovering nearly half of its decline as bargain hunting intervened. The Bloomberg Dollar Index fell 6.3% this year.