Central bank easing may no longer be politically acceptable.
That's what Bank of America Merrill Lynch's widely followed chief investment strategist, Michael Hartnett, says in a note.
"Central banks have exacerbated inequality via Wall St. inflation & Main St. deflation; [it's] no longer politically acceptable to stoke [the] Wall St. bubble," the strategist wrote last week.
There are "two ways to cure inequality," make the poor richer or the rich poorer, Hartnett added. The Federal Reserve and the European Central Bank are "now tightening to make Wall St. poorer," likely setting up for a "big top" in stock markets this fall.
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