Global Research Unlocked

In this episode of Must Read Research on Global Research Unlocked, Candace Browning examines the trillion-dollar question facing AI: can returns ultimately justify the enormous investment going into it? We explore the potential $1.5 trillion annual AI subscription opportunity, increasingly crowded investor positioning in Technology and semiconductors, and how AI agents could reshape travel by influencing which flights and hotels consumers see. We also turn to Bitcoin, where a new valuation framework examines whether the asset has been left behind as investors have crowded into AI, and what ETF flows, adoption, and macro conditions could mean for the outlook.

Please join Ralf Preusser and team in conversation with Jill Hall and Chintan Kotecha to discuss equity/bond correlations and positioning. We will discuss the return of equity bond correlations, implications and risks for CTA positioning and for asset allocation models.

"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, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC...

Defense restocking accelerates; new threats drive demand

Defense demand remains strong globally as depleted inventories, shifting threats and years of underinvestment drive a multiyear restocking cycle. Ron Epstein discusses record US defense outlays, rising production needs and why recent weakness in defense stocks may be disconnected from the fundamentals. KJ Hwang highlights Korea's expansion beyond the land systems that drove early exports. Korean companies are expending into air defense, low-cost interceptors and counter-drone technologies, with the Gulf emerging as a potential source of new orders. Together they also discuss how militaries are balancing inexpensive drones with sophisticated missile threats...

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 additional Federal Reserve tightening, and how Brazil's presidential election is driving some of the largest investment flows into Latin America in years.

"Bank of America" and “BofA Securities” are the marketing names for the global banking busin...

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 starting to weigh on pockets of the US and European credit markets.

"Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets busin...

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 Research on Global Research Unlocked, we sit down with Haim Israel, Head of Thematic Investing, and Vivek Arya, Senior U.S. Semiconductor Analyst, to uncover what is accelerating quantum’s development, how the technology could reshape today’s encryption, and why the next breakthrough may come...

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) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment bankin...

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, and economic limitations in many urban and suburban markets. He also discusses the areas where he believes LEO may have the easiest time making inroads and those areas where the technology will very likely need a land-based partner to offer reliability that customers...

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” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of Am...

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 role of AI-native architectures in enabling expansion. And while many listeners have firsthand experience with autonomous ride sharing, Martyn and Alex also discuss their views and recent learnings on AV trucking, which could transform a freight sector...

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 Korea’s next growth phase may extend well beyond memory chips into infrastructure, consumer, and healthcare industries. We also examine the rapid evolution of prediction markets, where trading volumes have surged as platforms expand beyond politics into sports, crypto, and other ev...

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 inflation markets.

"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...

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 excluding gasoline. Aditya Bhave, Head of US Economics for BofA Global Research, and Chris Nardone, Hardline and Broadline Retail analyst for BofA Global Research discuss whether other data is telling the same, encouraging consumer story and whether retailers generally agree...

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 Australia's artificial intelligence investment boom could create inflationary pressures before delivering productivity gains. We also look at the accelerating commercialization of autonomous vehicles as driverless transportation moves from pilot programs toward broader deployment.

"Bank of A...

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 decision in the context of the other central banks on the docket this week.

"Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global marke...

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, Abhinandan Deb, Head of Global Cross-Asset Quantitative Investment Strategy at BofA Securities, joins Nitin Saksena, Head of US Equity Derivatives Research, to discuss the rapid growth of derivatives income strategies. They explore the forces driving investor demand, why option-based income remains attractive despite...

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 processing unit rental futures that could transform computing power into a tradable asset class. We also recap key takeaways from conference season, where executives highlighted strong demand trends across lodging, media, communications infrastructure, and artificial intelligence-related industries.

"Ban...

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, Hauner outlines four key themes shaping emerging markets: Treasury market developments, a more hawkish Fed, U.S. midterm elections, and evolving EM monetary policy. He discusses why higher-yielding currencies in markets such as Brazil, Colombia, Turkey and frontier economies continue...

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 down how convertibles work, why they have become a key source of financing for AI infrastructure, data centers and hyperscalers, and how roughly one-third of the convertible market is now linked to the AI trade. He also discusses the asset class's unique combination of...

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.

Recorded on September 11, 2026.

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 Am...

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 marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globa...

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 had outperformed the S&P for a decade through 2024. Strong growth and conversions to C-Corps after President Trump was first elected propelled them, as institutional investors were able to buy into what had been partnership structures. But concerns...

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 AI landscape. We also explore what’s driving gold’s rally, from central bank purchases to shifting currency dynamics, and highlight fresh evidence from the Bank of America Institute suggesting the long-standing divide between higher- and lower-income consumers may finally be beginn...

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 alternative way to gain AI exposure, and what the latest labor market data suggests about the debate over AI-related job displacement. We also discuss Australia's role in global liquefied natural gas markets and how energy security, infrastructure, and reserve replacement are becoming increasingly important...

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, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banki...

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 energy markets amid record temperatures and tightening gas inventories, the accelerating AI investment cycle driving memory demand following SK Hynix's landmark U.S. listing, and a potentially significant reshuffling of MSCI emerging-market indexes that could redirect billions of dollars in...

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 highlight any key takeaways from the Wednesday US Treasury refunding announcement. The call took place at 10am ET, 3pm BST, 4pm CET on Friday 7th Aug.

Bank of America" and “BofA Secu...

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 capacity constrained for decades, critical waste infrastructure operators are benefiting from increasingly attractive industry dynamics. Finally, we discuss recent cracks in the AI trade as weakness spreads into high yield credit. We explore pressure on AI-linked data center bonds, t...

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 “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, derivatives, and o...

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. Ron discusses how advances in rockets have already reduced launch costs from roughly $20,000 per kilogram to as little as $1,000-$2,000, with the potential to fall toward $100 per kilogram. The conversation explores the hurdles to and...

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 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, derivatives, and other commercial banking activities are p...

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 where asset class growth and historical returns should impress even AI investors. 

"Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global...

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 Indicator (BRI), a tool designed to identify bubble-like price behavior across asset classes, and explain why volatility often rises alongside prices during periods of intense investor optimism. The conversation examines how FOMO, uncertainty, and increasingly reflexive markets...

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 banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, inclu...

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 addresses the three most common challenges to our forecast: whether inflation is truly a problem, whether Chair Warsh will ultimately follow through on a hawkish stance, and whether markets are underestimating the amount of...

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 investors weigh slowing viewing hours against new monetization opportunities and the company's long track record of adaptation. Beyond corporate earnings, we discuss how extreme temperatures across Europe are creating risks for global agriculture markets and...

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” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed...

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 access to sport, supporting communities, and using sport to bring people together. Join us for a wide-ranging discussion covering experiences at the top of the game, transition into media and entrepreneurship, and perspectives on the business of modern soccer. 

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 access to sport, supporting communities, and using sport to bring people together. Join us for a wide-ranging discussion covering experiences at the top of the game, transition into media and entrepreneurship, and perspectives on the business of modern soccer. 

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 acceleration, including the impact of the 2026 FIFA World Cup, a rebound in discretionary purchases, and improving momentum among lower-income households. The conversation explores a notable shift in the consumer landscape: the long-running K-shaped spending trend appears to...