Odaily News Bank of America strategist Michael Hartnett said that investors should sell stocks when the Federal Reserve cuts interest rates for the first time as the likelihood of a deeper recession in the United States increases. Hartnett pointed out that the ISM manufacturing index seems to be highly correlated with non-farm payrolls in terms of direction. The only time the index was in contraction territory for a long time while non-farm payrolls remained positive was between 1984 and 1986. At the same time, strategists said that the extent to which risk assets have preemptively digested the Fed's rate cuts in 2024 has reached its limit, with the S&P 500 up 32% in the past 9 months. In contrast, the average increase before the Fed's first 12 rate cuts since 1970 was only 2%. (Jinshi)