According to Jinshi Data, Michael Hartnett of Bank of America said that the prosperity of the stock market after the Federal Reserve's interest rate cut has sparked the risk of a bubble, and bonds and gold have become hedging tools against economic recession or a new round of inflation.

Hartnett noted that the stock market is currently anticipating further easing from the Federal Reserve and earnings growth for the S&P 500 of about 18% by the end of 2025. Nevertheless, "bubble risk" is returning, and he recommended buying bonds and gold on dips.

He also said that in the event of a soft landing of the economy, stocks and commodities outside the United States are good targets for hedging inflation, and international stocks are cheaper and are beginning to outperform U.S. stocks.