Global Research Unlocked

Must Read Research: Oil, the Consumer, Rates and Elections Oct 13, 2026 357 In this episode of Must Read Research on Global Research Unlocked, Candace Browning examines how perception is shaping market outcomes across asset classes. We explore why oil remains near $100 despite recovering crude exports, what card data and retailer feedback reveal about the strength of the U.S. consumer, why bond strategists believe markets may be underestimating the likelihood of additiona

Global Rates & FX Views: Global bond selloff & credit impact Oct 11, 2026 1866 Please join Sphia Salim in discussion with Ralf Preusser and Meghan Swiber alongside our colleagues from credit (Neha Khoda, Head of US credit strategy and Barnaby Martin, Head of European credit strategy). We will explore the nature of the recent extension in the global govt bond sell-off, where positioning is, what the Fed & US treasury could do slow the moves and finally whether this is sta

Must Read Research: AI + Quantum: The Ultimate Power Couple? Oct 6, 2026 1343 Quantum computing is moving from scientific promise to commercial reality, opening new possibilities across sensing, secure communications, finance, healthcare, aerospace, defense, and space. The industry has already surpassed $1 billion in annual sales and could reach $80 billion by 2035, while shortening timelines to “Q-Day” are adding urgency to the race. In this special episode of Must Read Re

Post NFP Takeaways: Econ, Rates, FX Oct 5, 2026 1686 Please join our BofA Economists and rates & FX strategists to discuss takeaways after the September employment report. They will discuss implications for US economy, Fed path, rate levels / curve shape, & USD implications. "Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research)

There’s space for traditional wireless too; LEO can coexist with terrestrial networks Oct 5, 2026 1138 Rural broadband threat, urban voice and data advantage Telecom stocks came under significant pressure around the SpaceX IPO as investors worried that low Earth orbit (LEO) satellites could disrupt traditional wireless and broadband markets. But while satellite data works well in many geographies, including rural areas, offshore and on mountaintops, Michael Funk discusses the capacity, coverage, an

Signals & Noise: Earnings Over Elections Oct 2, 2026 507 Midterms may dominate headlines, but corporate earnings, inflation and interest rates remain the key drivers of US equities. In this episode of Signals & Noise, Savita Subramanian discusses the outlook for stocks and bonds, the implications of higher Treasury yields, and the role of AI-driven productivity in supporting earnings and market performance. "Bank of America" and “BofA Securities”

Novel now, big scale shortly; AV speed reinforced by Bay Area trip Oct 2, 2026 1444 AV adoption is scaling; physical AI broadens the story Autonomous vehicles appear to be reaching an inflection point, with the focus shifting from proving the technology to scaling fleets, geographies and business models. Fresh off their Bay Area trip to see 15 corporates in the space, Martyn Briggs and Alex Perry discuss rapid growth in robotaxi deployments, falling autonomous ride costs, and the

Must Read Research: Rates, Crops, Korea, and Prediction Markets Sep 28, 2026 357 In this episode of Must Read Research on Global Research Unlocked, Head of Global Research Candace Browning explores how markets are pricing the probabilities that matter most. We discuss why Treasury yields continue to track Federal Reserve expectations more closely than economic data, how tightening inventories and supply disruptions are supporting an emerging agricultural bull cycle, and why Ko

Global Rates & FX Views: Rates and inflation Sep 25, 2026 1071 Please join Ralf Preusser in discussion with Mark Capleton, Evelyn Herrmann, Stephen Juneau and Meghan Swiber. We will discuss the upcoming inflation prints in the Euro Area and the US. In light of the recent run up in commodity prices, inflation is back in the driving seat for central bank reaction functions and as a result rate curves. We will discuss where we see opportunities in rates and infl

Consumers resilient but many retail stocks are on the sale rack Sep 24, 2026 1428 Consumer strength, lower-income spend improving Much of the consumer survey data suggests that consumers feel squeezed and are increasingly frustrated by inflation, but BAC credit and debit card spending data tells a different, more positive story. And importantly, it's not just higher income consumers who are spending. Recent data has shown improving growth from lower income consumers, even when

Must Read Research: Fed Hiking Cycle; Brazil Optimism; Australia’s AI Boom; AV Commercialization Sep 22, 2026 342 In this episode of Must Read Research on Global Research Unlocked, Head of Global Research Candace Browning examines economies moving in different directions as inflation, policy, and investment trends continue to reshape the global landscape. We explore why the Federal Reserve may be at the start of a new tightening cycle, rising optimism toward Brazil despite election uncertainty, and how Austra

Global Rates & FX Views: The great central bank review Sep 18, 2026 1200 Please join Ralf Preusser in conversation with Agne Stengeryte, Meghan Swiber, and Tomonobu Yamashita. We will review the Fed, the BoE and the BoJ and discuss implications for global rate and FX markets. The Fed delivered a hawkish hike and joined the global tightening cycle. The repercussions of this decisions have already had strong effects across yield curves and currencies. We discuss the FOMC

Signals & Noise: When Income Became an Outcome Sep 18, 2026 639 Income investing has evolved beyond traditional bond coupons and stock dividends, with investors increasingly turning to derivatives-based strategies across a wide risk spectrum. As structured products and derivatives-linked ETFs continue to gain traction, income is increasingly being viewed as an investment outcome rather than simply an investing style. In this episode of Signals & Noise, Abh

Must Read Research: Walmart & Ads; Quantum, Computing Power Trading; Lodging Demand Sep 15, 2026 369 In this episode of Must Read Research on Global Research Unlocked, Candace Browning explores why compute is becoming one of the most valuable currencies in the global economy. We discuss Walmart’s rapidly growing advertising business and how proprietary data is helping reshape the media landscape, the accelerating path toward quantum computing commercialization, and the emergence of graphics proce

Signals & Noise: Four Themes Driving Emerging Markets Sep 14, 2026 376 Emerging markets face a challenging mix of persistent inflation, potential Fed hikes, U.S. political uncertainty and geopolitical risks. Yet in this episode of Signals & Noise, David Hauner, Head of Global Emerging Markets Fixed Income Strategy at BofA Securities, explains why he remains constructive on EM carry despite a more difficult backdrop. Drawing from BofA's "Buy Back EM" outlook, Haun

Signals & Noise: AI Exposure, Less Volatility? Enter Converts Sep 14, 2026 585 Artificial intelligence has created huge opportunities for investors, but also significant volatility. In this episode of Signals & Noise, Michael Youngworth, Head of Global Convertible & Preferred Strategy at BofA Securities, explains why convertible bonds may offer a compelling way to participate in the AI theme without taking on the full volatility of common stocks. Youngworth breaks do

Global Rates & FX Views: CPI, Fed, & buyback implications Sep 14, 2026 1738 Join Bank of America's Economics and Rates Strategy teams for a discussion of the latest CPI data, the implications for Federal Reserve policy, and U.S. Treasury buyback developments. Featuring insights from Aditya Bhave, Mark Cabana, Stephen Juneau, Meghan Swiber, and Ralph Axel, this timely conversation explores the key market and macroeconomic takeaways from the latest inflation report. Reco

Global Rates & FX Views: NFP: what it means for US rates & USD Sep 4, 2026 1452 Please join Sphia Salim in conversation with Shruti Mishra, Meghan Swiber and Alex Cohen post-payrolls report. We will discuss how relevant it is for the Sep Fed decision relative to CPI next week, and implications for US rates & the USD in a context where long-dated US yields continue to make new highs, driving global yields with them. "Bank of America" and “BofA Securities” are the marketi

Shaky ‘26 for alt asset manager stocks, but steady asset inflows Sep 4, 2026 1062 Alts rebound as the value rotation takes hold Inflows into alternative assets have been consistently strong. The products became available to retail and other investors who have steadily increased exposure but allocations remain fairly low. In contrast, the stocks of the alternative asset managers have faced substantial ups and downs, especially in the last few years. Alternative manager shares ha

Must Read Research: Fund Manager Survey; Our New AI Tracker; Gold’s Rally and K-shape Convergence Aug 24, 2026 559 In this episode of Must Read Research on Global Research Unlocked, Candace Browning explores whether today’s elevated conviction in risk assets is supported by the underlying data. We discuss record-bullish investor positioning, introduce a new AI tracker designed to monitor the key drivers of technology sentiment, and examine how competition, pricing, and infrastructure demand are reshaping the A

Must Read Research: AI Financing, Convertibles, AI and Labor, Australian LNGs Aug 17, 2026 564 In this episode of Must Read Research on Global Research Unlocked, Candace Browning follows the flow of capital through the artificial intelligence ecosystem to explore where investment, adoption, and infrastructure spending are having the biggest impact. We examine how new chip-funding programs could reshape investment-grade credit markets, why convertible bonds are drawing attention as an altern

Global Rates & FX Views: August summer guide Aug 14, 2026 1323 Please join our rates & FX strategists to discuss key risk events in the second half of August. We will also update our core rate & FX views for the remainder of the summer. Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivative

Must Read Research: Earnings; European Energy Markets; Memory Demand; MSCI EM Reshuffle Aug 11, 2026 509 It's been a summer of extremes, and this week's Must Read Research highlights four themes shaping markets across regions and asset classes. Candace Browning, Head of Global Research at BofA Securities, reviews a powerful earnings season that continues to deliver broad-based EPS growth, even as investors become increasingly difficult to impress. The episode also examines mounting risks in European

Global Rates & FX Views: NFP & refunding review Aug 7, 2026 1736 Please join Sphia Salim in conversation with Aditya Bhave, Mark Cabana and Meghan Swiber post-payrolls and US Treasury refunding. Given the limited guidance at last week's FOMC meeting and resulting US curve steepening, data has become an even stronger focal point for markets. We will discuss the implication of the NFP report for Fed speak, the September decision and US rates. We will also highlig

Must Read Research: Russell Concentration, Hazardous Trash is the New Treasure; AI Financing Aug 4, 2026 375 What if one of the market's most widely followed growth benchmarks is really just a bet on a few dozen stocks? This week, we explore rising concentration within major equity indices, how Russell reconstitution is reshaping portfolios, and where opportunities could emerge if market leadership broadens beyond Big Tech. We also examine an unlikely scarcity story: hazardous waste. With disposal capac

Global Rates & FX Views: Central banks – the aftermath Jul 31, 2026 1280 Please join Sphia Salim for a discussion with the global rates team on the implications of all the central bank decisions taken this week. We will review the exceptionally uncertain Fed meeting and debate the outlook for 2y & 10y UST yields. We will also discuss the takeaways from the guidance provided by the BoE and BoJ. The call took place on Friday, July 31st, 2026. "Bank of America" and

Declining costs mean more rising rockets; launch costs key for space industrialization Jul 31, 2026 1427 Unlocking new markets, from broadband to the moon The SpaceX IPO has renewed investor interest in the rapidly evolving space economy. But to understand the opportunity that space may present requires an understanding of launch costs and to what extent they can continue to decline. US Aerospace and Defense analyst Ron Epstein explains the economics underpinning the next phase of space development.

Signals & Noise: July FOMC meeting: oil or nothing Jul 28, 2026 486 This week on Signals & Noise, Mark Cabana, co-head of Global Rates Strategy, breaks down the highly anticipated July FOMC meeting, explaining why markets face unusual uncertainty over the Fed's next move. He discusses the case for both holding rates steady and raising them and examines what a surprise hike could mean for Treasury yields, inflation expectations, and financial markets. "Bank o

Must Read Research: Semiconductor Signals, AI Scale, and the Power Behind It Jul 27, 2026 476 This week on Must Read Research, we look back at prior semiconductor selloffs for clues on what may come next and revisit our recent Transforming World Conference for an understanding of the breakthroughs and challenges AI may create tomorrow. Power remains a key constraint for the technology, creating opportunities for traditional oil & gas companies. We also look at emerging market debt whe

Signals & Noise: Bubble Building in the Age of AI Jul 27, 2026 809 As AI enthusiasm drives markets to new highs, investors are increasingly asking whether the boom has become a bubble. In this episode of Signals & Noise, Ben Bowler and Arjun Goyal explore why today's AI-driven market shares many of the characteristics of past technological booms while arguing that the current cycle may still have room to run. They discuss BofA's proprietary Bubble Risk Indica

Global Rates & FX Views: Hyperscalers, credit, & rates Jul 24, 2026 1276 Please join Mark Cabana for a discussion with credit strategist Yuri Seliger & rates strategist Meghan Swiber. Yuri will discuss the outlook for hyerscaler issuance & IG outlook, Meghan will place in context of broader rates. The call took place on Friday, July 24, 2026 at 9 AM EDT, 2 PM BST, 3 PM CEST. "Bank of America" and “BofA Securities” are the marketing names for the global bankin

Signals & Noise: Our case for 3 rate hikes this year Jul 21, 2026 360 In this episode of Signals and Noise, Aditya Bhave, Head of US Economic Research at BofA Securities, lays out the case for three 25bp Fed rate hikes in September, October, and December. He explains why current policy appears too accommodative given the combination of steady labor markets and elevated core inflation, and why recent softness in CPI data has not changed our view. Aditya also addresse

Must Read Research: High Bar for 2Q; Netflix; Heatwaves and Corn; US TSY Softening Demand Jul 21, 2026 378 In this episode of Must Read Research on Global Research Unlocked, T.J. Thornton steps in for Candace Browning to explore several of the themes heating up markets this summer. We recap a strong start to earnings season, where broad-based growth is extending beyond AI and early results are running ahead of historical averages. We also examine the debate surrounding Netflix's engagement trends as in

Global Rates & FX Views: Japan’s GPIF, Fed and ECB Jul 17, 2026 1149 Please join Ralf Preusser in conversation with Sphia Salim, Meghan Swiber and Shusuke Yamada. We will discuss potential implications of a hypothetical change in Japan's GPIF asset allocation both for Japan and G10 more broadly. We will also preview next week's ECB meeting and discuss how the Fed's reaction function may have changed with this week's US data. "Bank of America" and “BofA Securities

A conversation about business and sport with Gary Neville Jul 16, 2026 2015 Our guest speaker is Gary Neville, former professional footballer, entrepreneur, broadcaster and business leader and who is one of the most influential voices across soccer and media. Since retiring from playing, he has built a broad portfolio spanning broadcasting, property, education and club ownership, including co-ownership of Salford City FC. Through his work, Gary is committed to expanding a

A conversation about business and sport with Gary Neville (video) Jul 16, 2026 1973 Our guest speaker is Gary Neville, former professional footballer, entrepreneur, broadcaster and business leader and who is one of the most influential voices across soccer and media. Since retiring from playing, he has built a broad portfolio spanning broadcasting, property, education and club ownership, including co-ownership of Salford City FC. Through his work, Gary is committed to expanding a

The Consumer’s Summer Spending Surge Jul 15, 2026 1220 U.S. consumers showed remarkable resilience in June, with spending growth reaching its strongest pace in four years. But what's driving the surge, and can it last? In this episode of Global Research Unlocked, T.J. Thornton speaks with David Tinsley, Senior Economist at the Bank of America Institute, about the latest Consumer Checkpoint data. They unpack the factors behind June's spending accelerat

From sports to pop culture: Prediction markets $1 trillion bet Jul 14, 2026 1464 Convergence of brokers, betting and prediction markets Prediction markets (PMs) have exploded in popularity over the past year, with volumes doubling since the start of May. By some measures, prediction markets are already approaching the scale of online sports betting. Julie Hoover from the Gaming, Lodging & Leisure team joins the podcast to discuss what's driving this growth and categories o

Positive structural case for EM won’t collapse under a few Fed hikes Jul 14, 2026 1805 EM resilience tested by Fed, fueled by long-term flows Emerging market equities have more than doubled the S&P 500's return year-to-date, and have held up well despite rising Fed hike expectations and a stronger US dollar. In this episode, David Hauner explains why he remains structurally bullish on EM despite our Economic team’s expectations for three Fed hikes later this year. David discusse

Must Read Research: SpaceX; The Next AI Winners; Europe’s Earnings Momentum; Buy Value Jul 13, 2026 479 In this episode of Must Read Research on Global Research Unlocked, Candace Browning explores a broadening opportunity set across markets and industries. We examine the rapid expansion of the space economy and how advances in launch and satellite infrastructure are reshaping connectivity and computing. We also look beyond the U.S. and China for the next wave of AI beneficiaries, highlighting the co

MOU-nting inflation concerns Jul 13, 2026 1592 Please join our US economist and rates strategists for their weekly rates call to cover (1) commodity risks for global rates & curves and (2) US CPI preview & US inflation pricing implications. The call will took place on Friday, July 10, 2026 at 9 AM ET, 2 PM BST,3 PM CEST. "Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global marke

Post NFP Call Jul 2, 2026 903 Please join Ralf Preusser in conversation with Aditya Bhave, Mark Cabana and Alex Cohen post-payrolls. Since Fed Chair Warsh is trying to move away from forward guidance, the importance of US data will only increase. We will discuss the outlook for the Fed, US rates and the USD in light of the US labor market data. "Bank of America" and “BofA Securities” are the marketing names for the global ba

Signals & Noise: U.S. Equity Mid-Year Outlook 2026 — Buy Stocks, Not the Index Jul 2, 2026 544 In this episode of Signal vs. Noise, Savita Subramanian, Head of U.S. Equity & Quantitative Strategy, reviews a surprising first half of 2026 and explains why she believes investors should look beyond the Magnificent Seven. With earnings growth exceeding expectations, inflation reaccelerating, and Fed rate hikes back on the table, Savita argues that the next winners could be large-cap value an

Must Read Research: Shifting Econ Outlook; Concentration Bubble Risk; Semis; Prediction Mkts Jun 29, 2026 371 In this episode of Must Read Research, we explore what happens when “too much of a good thing” begins to reshape markets. From a more hawkish Fed outlook to rotation beneath the surface of equities, shifting AI demand dynamics, and an intensifying battle in prediction markets. We break down the trends investors need to watch next. "Bank of America" and “BofA Securities” are the marketing names f

Signals & Noise: Updating the Outlook—Growth Up and Policy Tightening Ahead Jun 29, 2026 310 In this episode of Signals & Noise, we unpack the latest midyear updates to global economic forecasts, including a modest upgrade to global growth and a downward revision to inflation. Despite easing headline inflation, policy remains tight, with our economists now expecting a more hawkish Federal Reserve than consensus. We explore the drivers behind this shift, including resilient labor marke

Mid-year review Jun 29, 2026 997 Please join Ralf Preusser in conversation with Mark Cabana and Adarsh Sinha to discuss the outlook for G10 rates and FX. We will discuss implications of the new Fed call, updated rates and FX forecasts and the main themes we see drive markets away from the Fed. You may also enjoy listening to the Merrill Perspectives podcast, featuring conversations on the big stories, news and trends affecting yo

America at 250 – Innovation, Market Leadership and the Power of Compounding Jun 23, 2026 1286 As the United States approaches its 250th Independence Day, Derek Harris, Head of Global Wealth Management Portfolio and Investment Strategy speaks with Jared Woodard, Head of the Research Investment Committee to examine the long-run forces behind America’s market leadership. Using data that spans much of the nation’s financial history, they explore why U.S. equities have delivered nearly 10 perce

Task force hawkish Jun 22, 2026 1609 We recap the June FOMC meeting with our US economists and rates / FX strategists. We offer our views on the hawkish messaging and how to position across rates & FX. You may also enjoy listening to the Merrill Perspectives podcast, featuring conversations on the big stories, news and trends affecting your everyday financial life. "Bank of America" and “BofA Securities” are the marketing n

Equities, Fed, BoJ, & you Jun 14, 2026 2187 Please join Mark Cabana in a discussion with Jill Carey Hall, Aditya Bhave, and Oliver Levingston as they break down key market dynamics, equity risks, and central bank outlooks. Gain expert insights and actionable perspectives on equities, rates, and macroeconomic trends You may also enjoy listening to the Merrill Perspectives podcast, featuring conversations on the big stories, news and trend

Signals & Noise: Why small & mid-caps are leading the 2026 market rally – and what’s next Jun 11, 2026 422 Welcome to Signals and Noise, where BofA Global Research strategists from around the globe offer a shorter take on market matters as part of Global Research Unlocked. Today, we focus on the best performing size segment of the US equity market this year, US small and mid-caps, and how we're thinking about them today. You may also enjoy listening to the Merrill Perspectives podcast, featuring con

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