Investing.com - Bank of America strategist Michael Hartnett is urging investors to rotate away from risk assets, warning that a Federal Reserve he characterizes as "nakedly dovish" will force financial conditions to keep tightening until a far more aggressive policy stance restores its credibility. "Fed nakedly dovish, so financial conditions to continue to tighten until Fed forced to restore credibility via aggressive hikes," Hartnett wrote, pinpointing August 28 as the critical inflection date. That is when Kevin Warsh is expected at the Jackson Hole symposium, an event Hartnett frames as a potential pivot point through rising yields. "We say retreat/rotate from risk assets rather than reload until higher inflation and one of those nasty 'higher yields-lower dollar' vigilante events forces monetary & fiscal policy U-turns." He simultaneously flags a currency intervention story unfolding in Asia as perhaps the week's defining development.