Market top ahead because Fed's easy money 'no longer politically acceptable,' Bank of America's Hartnett says

*.Bank of America Merrill Lynch's Chief Investment Strategist Michael Hartnett said central banks have "exacerbated inequality."
*.As a result, central banks need to removethe easy monetary policies that have sent stocks surging to record highs, the widely followed and outspoken strategistsaid.
*.That sets up for a "big top" in stocks laterthis year.
Central bank easing may no longer be politically acceptable.That's what Bank of America Merrill Lynch's widely followed chief investment strategist, Michael Hartnett, says in a note."Central banks have exacerbated inequalityvia Wall St. inflation & Main St. deflation; [it's] no longer politically acceptable to stoke [the] Wall St. bubble," the strategist wrote last week.There are "two ways to cure inequality," make the poor richer or the rich poorer, Hartnett added. TheFederal Reserveand theEuropean Central Bankare "now tightening to make Wall St. poorer," likely setting up for a "big top" in stock markets this fall.US labor participation rate vs. US stocks and bondsSource: Bank of America Merrill Lynch Global Investment StrategyLast week, European and U.S. government bond yields climbed to multiweek highs after key policymakers at the European Central Bank,Bank of Englandand Federal Reserve separately suggested that tighter monetary policy is on the way.However, all three acknowledged inflation remains subdued.Normal business growth can no longer create inflation because of the disruptive force of technology, record high global debt, and an aging population, Hartnett said. Instead, he said, inflation will require"radical fiscal stimulus, trade war, major increase in geopolitical risk" and policies to "Occupy Silicon Valley" by redistributingits wealth, reiterating apoint he made in May.