Bank of America Global Investment Strategist Michael Hartnett cited the South Korean market as the latest example of a "bond bubble ending" in a report, noting that Korean government bond yields have risen by 200 basis points over the past 18 months. BofA believes that with global central banks returning to a rate-hiking cycle, investors should focus on "yield peak" trading opportunities, including 30-year US Treasuries, small-cap stocks, REITs, and Hong Kong real estate. At the same time, BofA believes investors are extremely overweight in the technology sector, advising against further additions and favoring the view that "growth stocks will outperform semiconductors."