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The fact that everyone saw the yield curve inversion and started planning for it could mean it won’t have the predictive power that it used to when it wasn’t a commonly-watched recession indicator.

In the case of BAC stock, the bank announced a plan to repurchase more than $30 billion, or close to 12% of the total outstanding share base.

All else equal, even if net income is flat, Bank of America’s earnings go up double digits next year simply due to the much smaller outstanding share count.

If these favorable trends continue, Bank of America should be able to boost its operating income while at the same time sharply reducing its share count.