Global Research Unlocked
Global Research Unlocked is a podcast from BofA Global Research, featuring industry-leading analysts who discuss emerging risks, opportunities, and growth themes such as AI and energy transition. The show provides nuanced insights to help listeners navigate the economic landscape and chart their investment path.
Episodes
Must Read Research: AI Financing, Convertibles, AI and Labor, Australian LNGs
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
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.
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Must Read Research: Earnings; European Energy Markets; Memory Demand; MSCI EM Reshuffle
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
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
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
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.
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Declining costs mean more rising rockets; launch costs key for space industrialization
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
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.
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Must Read Research: Semiconductor Signals, AI Scale, and the Power Behind It
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
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
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
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
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
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
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)
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
Must Read Research: Bull & Bear, AI Infrastructure, Underdog and Housing Markets
This week we pause to check a scoreboard flashing stretched positioning, analyze how AI infrastructure is quietly creating unlikely winners, highlight an Underdog taking on the big guys, and get field updates on a housing market still playing defense against affordability constraints
You may also enjoy listening to the Merrill Perspectives podcast, featuring conversations on the big stories, ne
Payroll call
Please join Sphia Salim in discussion with our US economists, rates and FX strategists to review the US payroll report. The US labor market remains central to the outlook for US monetary policy, especially ahead of the first FOMC meeting under the new Chair, and therefore also a key driver for US rates and the dollar.
You may also enjoy listening to the Merrill Perspectives podcast, featuring co
Rising airfares no match for a consumer going full throttle on experiences
Mostly friendly skies for airlines and premium consumers
Summer is starting just as higher income consumers remain flush and global soccer fans are descending on North America. But this also comes at a time when the airline ticket situation is becoming a bit more difficult, at least for consumers. Prices are elevated thanks to higher fuel and recently, a low-cost airline stopped flying. We talk to
GLP-1s are shrinking some appetites; broader use poses a prickly challenge
Lower prices are unlocking the next leg of GLP-1 growth
Several years ago, the bullish case for GLP-1 penetration hinged on lower pricing and the availability of oral options-both of these have materialized over the past 18 months. Yet we remain early in the oral GLP-1 ramp, and pricing continues to adjust downward, suggesting ample runway for unit growth in these weight-loss therapies. Peter Galb
Must Read Research: Size of the Market, World Cup & Paper Goods, Energy Contingencies, and LatAm Elections
This week, we discuss why the size of the market continues to expand, how the World Cup is fueling global beverage demand, contingency plans amidst shifting energy segments, the paths that lie ahead for LatAm countries facing elections and an overhead view of global markets where scale and earnings continue to expand.
Disclosure:
You may also enjoy listening to the Merrill Perspectives podcast,
Inflation and the inflation markets
Please join Mark Capleton in discussion with Stephen Juneau, Alessandro Infelise-Zhou and Meghan Swiber on inflation and the inflation markets, covering: the outlook for inflation, where we diverge from the market, and implications for central bank policy and the rates curves.
You may also enjoy listening to the Merrill Perspectives podcast, featuring conversations on the big stories, news and t
Bond market selloff
Please join Sphia Salim in conversation with global rates strategists to discuss the broad bond market selloff of the past week. We will explore its drivers across regions and the risks of a further extension of the moves, as well as the policy elements that can cap the rise in yields. We will also present key bond convexity and swaptions ideas in the context of elevated rates volatility.
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Why we believe AI reshapes work more so than it reduces overall payrolls
Youth labor in the age of AI adjustment
Though about one-quarter of global jobs are exposed to AI, the Economics team doesn't share the view that AI will usher in mass unemployment. Benson Wu and Nick Stenner discuss their recent report on the topic, part of the Economics team's larger series on AI impact. They discuss several examples of past tech disruptions, many of which wound up favorable for
Must Read Research: Weather & Commodity Risks; Fed Hikes; EU Trade Dynamics and Evolving Consumers
This week, we track how weather disruptions from El Niño may ripple through commodity markets that are already on edge, how sticky inflation and strong labor data could prompt unexpected Fed rate hikes, and how consumers are turning to Chinese autos, secondhand and off-price retail as they contend with these higher prices.
You may also enjoy listening to the Merrill Perspectives podcast, featuri
Summit, yen-tervention, & US rates
Please join Mark Cabana in discussion with Adarsh Sinha & Meghan Swiber to discuss the US-China summit, yen intervention, & US rates. We will cover FX views in context of US-China summit & recent yen interventions / USD flows + US rate views after recent inflation data & new Fed Chair Warsh.
You may also enjoy listening to the Merrill Perspectives podcast, featuring conversations
K-shaped housing: regional and segment divergence emerges from inventory reset
Don't shut the door yet; housing supply discipline turning
Consistent with the U.S. economy as a whole, the housing and building products markets are stronger in the high end, and weaker in the entry-level. Regionally, there are shades of this as well. Our new housing heatmap shows that the New York and San Francisco metro areas are among the strongest. Rafe discusses the drivers behind the region
Must Read Research: World Cup, Higher Oil Prices, and Mega IPOs
Welcome to Must Read Research on BofA Global Research Unlocked. In this podcast, we offer quick summaries from the prior week’s most interesting and impactful research. This week, we focus on the human and technological engine behind the World Cup, the rising cash flow bolstering big oil, and an IPO supply wave that's preparing its debut.
You may also enjoy listening to the Merrill Perspectives
Payroll call
Please join Ralf Preusser in discussion with Aditya Bhave, Mark Cabana, Alex Cohen and Shruti Mishra to review the US payroll report. The US labor market remains central to the outlook for US monetary policy and therefore also a key driver for US rates and the dollar.
You may also enjoy listening to the Merrill Perspectives podcast, featuring conversations on the big stories, news and trends affec
Conflict keeps midstream compelling, integrateds see a pipeline of cash
Energy buyers to rethink supply lines
With energy stocks off recent highs, Jean Ann joins the podcast to discuss what may be ahead and why she believes that cash flow generation at Integrated oil companies, boosted by the higher trading range for crude, make several of them attractive investments. We also discuss longer term impacts from the war, including how we're likely to see more interest in
Policy Derby: Rates for the Roses
In this episode, we discuss central bank meeting takeaways and market implications. We discuss the Fed’s and Bank of Canada’s shift in tone, plus the groundwork for hikes from the European Central Bank and Bank of England. We also cover the Bank of Japan’s delayed hike and the implications for the June meeting. Finally, we recap some recent work across regions on global plumbing and funding marke
A changing Federal Reserve
Please join Sphia Salim in discussion with Aditya Bhave, head of US economics research, Mark Cabana, head of US rates strategy, and Alex Cohen, senior G10 FX strategist. We will review Kevin Warsh's Fed Chair nomination hearing, with a particular focus on his Inflation views, his comments on the Fed's balance sheet, and the potential for a new Treasury-Fed accord. We will also look ahead to the Ap
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