Bond yield concerns and the search for market leadership

On September 26, 2026, a trader argued that markets would be 10–20% lower without AI and energy, while acknowledging that yields would also be lower. The trader said BofA client flows had turned positive at $3.0 billion the prior week after negative $5.7 billion the week before, with the rebound coming from institutions and hedge funds. Private clients sold another $2.2 billion for an eighth straight week, according to the account. The trader was watching AI and crypto for breakouts and continuation.