The last 5 years the stock was relegated to tangible book because of lawsuit liability uncertainties. Allowing it to follow rates with more of a correlation. Now the liabilities are known, and its wants to track intangible book value.
If geopolitical uncertainties truly ease, and European QE kicks in (along with the solid US economy, Japan stimulus and China's easing) will rates stay this low? The thesis bac is whispering, is that as rates appraoch recent trading band, bac will push 18-20.