The U.S. central bank is expected to hike interest rates on Wednesday.
The banks strategists are particularly negative on technology shares.
A deep contraction in margins will mostly outweigh modest growth in first-quarter sales, the firm's strategists said.
The firm's strategists also said investors shouldn't expect the Fed to soon end monetary tightening.
Global cash funds had inflows of nearly $143 billion, the largest since March 2020 in the week through Wednesday.
The most likely source of a credit event is U.S. shadow banking.
Europe has been a popular theme among global fund managers this year.
Market participants have been finding new and more sophisticated ways recently to avoid scrutiny by regulators.
It's likely to be a painful and “vicious” start of an end to the bear market in U.S. stocks, the firm's chief strategist said.
Global cash funds had inflows of $68.1 billion in the week through March 1.
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