The U.S. national debt is approaching a $40 trillion milestone, according to reporting that cites Bank of America’s outlook for continued expansion. Bank of America’s chief equity strategist Michael Hartnett forecasts that the debt will reach $50 trillion soon after, placing the next major milestone on the government’s balance sheet in the late 2020s.
Quartz and MarketWatch both describe Hartnett’s view that the debt trajectory is shaping investor preferences. The outlets say Hartnett promotes a “Anything But Bonds” approach, implying that rising government borrowing may influence how some investors allocate between stocks and bonds.
While both sources focus on the projected timing of the next debt level and its potential market implications, they differ in emphasis: MarketWatch highlights that the $40 trillion milestone is “about to” arrive and frames the likelihood of hitting $50 trillion soon, while Quartz underscores the $40 trillion closing-in and ties the forecast directly to the bond-avoidance strategy. Neither source indicates a specific policy change in the reporting provided; the common thread is the debt forecast and the investment implication described by Hartnett.
