Bank of America Chief Investment Strategist Michael Hartnett pointed out that rising interest rates did not reduce inflation, saying that it is necessary to prepare for a recession.

Bank of America’s Chief Investment Strategist Michael Hartnett says a “recession shock” has begun for the markets after tomorrow, the worst year in over 50 years for the S&P 500.

He stated that the global economy, which is formed by investors may shrink due to out-of-control inflation and hawkish central banks. On a global basis, until June 29, there was a fund outflow of 5.8 billion dollars from stock markets.

Markets were shaken as investors exited risky assets amid concerns of the impending recession. Goldman Sachs strategists said on Friday that the risk of a new sell-off in equity markets is still high.