BofA: Buy Commodities, China, Discretionary; Sell Dollar

BofA strategist Michael Hartnett recommends buying commodities, Chinese equities, and US consumer discretionary stocks while shorting the US dollar.
Chinese tech exports rose 43% YoY to $234 bn, ChiNext index broke out, and the renminbi hit its strongest level versus the yen since August 1992.
US consumer discretionary sector sits at a three‑year low relative to energy, viewed as a contrarian long amid stagflation pricing.
BofA expects the 2s30s Treasury curve to steepen beyond 140 bps, 2‑year yields under 4%, and the US dollar index to fall below 96.