Bank of America said that investor optimism has reached the most extreme level since 2021, which indicates that it may be time to reduce risk. Its bullish and bear indicators jumped to 9.7, driven by a strong stock market, credit inflows, and narrowing interest spreads. Bank of America suggests turning to defensive assets, bonds, and the dollar. This warning comes at a time when global stock markets are at record highs, and Friday's US employment report will be the next major test for the market.

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