Bank of America strategist Michael Hartnett warned that the current risk-off mood in global markets could persist into mid-November, maintaining a tactical cautious stance on risk assets until three key uncertainties resolve: AI financing risk, pressure in the French bond market, and the U.S. midterm elections. In a Friday client note, Hartnett projected the phase could bring "lower yields, lower stocks and a weaker dollar." This marks a shift from his early October view, which argued that a recovery in risk appetite first required the dollar and bond yields to peak. By late October, AI credit risk and political factors had clearly gained weight in his assessment.