BCA Research strategist Marko Papic stated that while the firm remains bullish on equities, believing that rising bond yields reflect strong economic growth, future tax increases in the US, particularly multiple tax hike proposals, could become the next major risk for the stock market. BCA's historical analysis found that after 65% of multiple tax hike proposals were implemented, the affected markets underperformed the MSCI World Index by approximately 6 percentage points in the following year.