Bank of America warns market trend similar to the eve of the 2007 crisis According to a report by Golden Finance on March 13th, Michael Hartnett, a strategist at Bank of America, stated that the soaring oil prices and increasing concerns over private credit are making the market trend increasingly similar to the period before the global financial crisis. He pointed out that during the period of July to August 2007, oil prices rose from $70 per barrel to $140 per barrel, while at the same time, the "subprime mortgage shock" began to emerge and affected institutions such as Northern Rock and Bear Stearns. The Iran War that broke out on February 28th has driven up oil prices by over 60% this year. Hartnett stated in the report that "asset performance in 2026 is increasingly approaching the price trend of mid-2007 to mid-2008." He added that Wall Street is "trading an unsettling analogy to the 2007-08 trend. Hartnett stated that the current market consensus still believes that the Iran conflict will not last long, and private credit issues do not pose systemic risks. This judgment is driving investors to continue maintaining long positions, as they believe that 'policy makers will always take action to save Wall Street'. Hartnett believes that the greater risk to the stock market from rising oil prices and tightening financial conditions lies in corporate profits rather than inflation. (Golden Ten)