The next bull market in stocks won't kick off until the Fed is forced to bail out the US government, Bank of America, $BAC, has said

The next bull market in stocks won't kick off until the Fed is forced to bail out the US government, Bank of America, $BAC, has said.

BofA said that high rates will result in a staggering increase in interest payments on America's $31 trillion debt.

The bank said US government debt is expected to soar by more than $21 trillion over the next 10 years.

"US Federal deficit up to 6.1% of GDP due to fiscal infrastructure spend; at peak of 2000 expansion, US ran fiscal surplus, peak of 2007 expansion deficit was 1% of GDP, peak of last expansion deficit was 2.5% of GDP," Hartnett said.

Eventually, according to Hartnett, the Fed will be forced to resort to yield curve control, similar to the Bank of Japan, to "bail out the US government" and help lessen the burden of its surging interest payments.