According to Bank of America chief strategist Michael Hartnett, the turmoil in the global financial marekt has not yet reached a level that raises fears of a hard economic landing. The S & P 500 index (SPX) has fallen about 6% since hitting a record high in mid-July, and the benchmark stock index remains above its 200-day moving average of around 5,050, while the yield on the 30-year U.S. Treasury note has yet to fall below 4%. "The technical level that could shift the Wall Street narrative from a soft landing to a hard one has not yet been broken," Michael Hartnett wrote in a memo. "Despite investor feedback of'exhaustion ', expectations of a Fed rate cut mean that the preference for equities over bonds has not ended with the market crash."