Global Research Unlocked
Listen and subscribe to Global Research Unlocked. A podcast from BofA Global Research. Nuanced insights that can help you chart the right path. Our industry-leading analysts discuss what’s emerging – from risks and opportunities to growth themes like AI and energy transition.
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Central Bank Bonanza
<p>Ralf Preusser is joined in discussion by Adarsh Sinha and Mark Cabana. We will review the outlook for US rates and the US dollar after this week's FOMC meeting. We also analyse the motivation and implications behind the Fed’s new Reserve Management Purchases. Finally, we will also discuss the dramatic repricing of the policy outlook for the RBA, preview next week's BoJ meeting and outline our views on GBP.</p> <p> </p> <p >You may also enjoy listening to the Merrill Perspectives podcast, featuring conversations on the big stories, news and trends affecting your everyday financial life.</p> <p >...
No sunset for solar in powering data centers
Solar, Storage, and Nuclear: The Next Clean Tech Wave <p>Surging AI demand is creating volatility and speed-to-power challenges, while grid delays push onsite generation forward. Our Clean Tech Symposium highlighted a major shift in data center power strategies, with the percentage of facilities using onsite gas potentially doubling in the short term. But, its role as bridge vs. temporary depends on economics: transmission and distribution (T&D) spend >$100B annually and pricing trends closer to $6/MMBtu. Solar-plus-storage remains highly cost-competitive with battery prices down 40-50%, reinforcing its position in future portfolios. Nuclear small modular reactors (SMRs) are progressing with faster t...
Year ahead in global inflation markets
<p>Mark Capleton (Global Head of Inflation Linked Strategy) and Meghan Swiber (Senior US Rates Strategist) join for a discussion on what to expect for inflation markets next year. In the US, we see value in real yield with inflation is still above Fed target and cuts expected. Cross market, we think the spread between Euro and US inflation priced too low. </p> <p> </p> <p >Disclosure:</p> <p >You may also enjoy listening to the Merrill Perspectives podcast, featuring conversations on the big stories, news and trends affecting your everyday financial life.</p> <p > </p> <p >"Bank of America" and...
Spiffy new bag for some, shaggy couch for others – latest wage and spend trends
<p >Overall spending remains resilient, lux. spend rebounding</p> <p >David Tinsley, Senior Economist at the Bank of America Institute (not part of BofA Global Research) joins to discuss the latest Institute employment and spend data. The Institute data suggests payroll growth held steady in Sep and Oct, though it has clearly slowed since early 2025. David offers detail and discusses the stories beneath the headlines including wage growth gaps between lower and higher income earners. And while certain discretionary categories are weak, especially with lower income consumers, Ashley Wallace discusses the different story around US luxury spend which rebounded to...
US labor market edition
<p>The longest ever US government shutdown has ended after 43 days. The reopening sees the resumption of US data releases, with the September labor market report released on Thursday. We review what we have learnt from the report, as well as the claims data that is also now being published. We discuss what this means for the US rates market and the US dollar.</p> <p> </p> <p >You may also enjoy listening to the Merrill Perspectives podcast, featuring conversations on the big stories, news and trends affecting your everyday financial life.</p> <p > </p> <p >"Bank of America" and “BofA...
Paging Doctor Disruption. . . AI attending over healthcare transformation
Healthcare's need for efficiencies clear, finally happening <p>AI has held promise within the healthcare industry for a few years, but Alec Stranahan suggests that the rate and breadth of AI adoption across the industry is growing at a faster pace than ever before. As users of the U.S. healthcare system can attest, there are many inefficiencies and we discuss the areas where AI may be most useful in improving healthcare productivity. But beyond making antiquated processes more efficient, AI can also be used to create value for patients from the trove of data that's currently sitting on the sh...
Efforts to make rare earths less rare domestically bulldoze ahead
Investments from the US gov't make this time different <p>The recent US-China agreement may secure short-term access for rare earth elements, but it doesn't alter the strategic need for domestic supply chains. Lawson and Michael highlight the complexity, cost, and time required to build out mining, midstream, and magnet-making capacity, highlighting that China's success today is a result of a commitment made back in the 1980s. US initiatives, including Department of War programs, US government investment and EXIM Bank support, are injecting real funding into projects, critical given that some of these projects are single-asset, but progress takes time. Michael also discusses th...
UK budget
<p >The budget is the main event risk for the UK market. We discuss what we expect Chancellor Reeves to deliver, what this means for the Bank of England, Gilt issuance, rate markets and the currency.</p> <p > </p> <p >You may also enjoy listening to the Merrill Perspectives podcast, featuring conversations on the big stories, news and trends affecting your everyday financial life.</p> <p > </p> <p >"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...
IEEPA and Refunding
<p>Tariffs imposed under the International Emergency and Economic Powers Act (IEEPA) account for about 9.5pp of our estimated 14.7pp effective tariff rate after the reduction in fentanyl tariffs on China. Therefore, the Supreme Court's decision could have important implications for activity, inflation, deficits, debt, interest rates, and the dollar. We discuss risks and scenarios after the oral hearings.</p> <p>As expected US Treasury maintained nominal coupon sizes unchanged but also did not guide towards higher bill share. Instead guidance suggests appetite to grow coupon supply in 2027. We discuss scenarios and implications for the US rate and spread curve.<...
FOMC, ECB Meeting Takeaways
<p>We discuss the FOMC rate and QT decisions. US front-end rates now look much more fairly priced. QT decision disappointed us and we remain concerned about US funding markets. ECB meeting was a non-event, but Euro Area data surprises on both activity and inflation mean that the hawks will likely retain the narrative into the December meeting. We outline what this means for our ECB call and why we still see value in EUR rate markets.</p> <p >You may also enjoy listening to the Merrill Perspectives podcast, featuring conversations on the big stories, news and trends affecting your...
