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.
10
German fiscal & market implications
<p>Please join Ralf Preusser for a discussion on the German outlook with Evelyn Herrmann, Sphia Salim and Michalis Rousakis. We will explore the view on the German fiscal implementation, its impact on the growth profile in 2026-27 and the challenges ahead. We will also present our EUR rate and German yield forecasts as well as our takeaways for the EURUSD outlook.</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" an...
Emerging markets may be at the beginning of a multi-year run
<p>Improving fundys, metals among reasons for EM optimism</p> <p>David Hauner argues that Emerging Markets (EM) remain a compelling opportunity, supported by favorable macro, valuation, and structural tailwinds. A weaker USD, low real US rates, and improving fundamentals across many EM economies echo past multi‑year periods of strong EM performance. After more than a decade of underallocation, global investors are beginning to return, though positioning remains well below historical norms. Metals‑producing countries are also benefiting from energy‑transition and AI‑driven demand. David also highlights risks around EM sentiment, the USD, and the Fed-currently supportive but vulnerab...
Cyclical rebound triggers rotation and rate risk; productivity placates
<p>Cyclicals vs. Tech: Positioning for broadening growth</p> <p>Mark Cabana and Savita Subramanian discuss whether there's evidence of a cyclical upswing in economic data, and the extent to which that's impacting companies and stocks. They also delve into whether such improvement is even as positive as it would seem given it could result in higher long rates and a Fed that's less able to cut. It's important to note that our economics team expects more cuts from the Fed this year so an environment of no cuts is not our base case but it's useful to discuss the...
The potential new Fed chair
<p>Please join Ralf Preusser in discussion with Aditya Bhave and Mark Cabana to discuss the nomination of Kevin Warsh for Fed chair. We will analyse the implications for monetary policy, the outlook for the Fed's balance sheet and the market reaction in US Treasury markets to the announcement. We will also preview US data and review the quarterly refunding announcement.</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 ma...
FX, intervention risks and technicals
<p>Please join Ralf Preusser in discussion with Paul Ciana, Alex Cohen and Adarsh Sinha. The team will address the rate checks in USDJPY and its impact on not just the yen but also the dollar. We will give thoughts on the effectiveness of FX interventions and lessons from the past. We will address the US government's FX policy and longer-term USD outlook, as well as the potential implications of the election in Japan. Finally, we do so against the background of key technical levels in FX crosses, rates and commodities</p> <p> </p> <p >You may also enjoy listening t...
Friday Rates Update
<p>Please join Sphia Salim for a discussion with Takayasu Kudo and Shusuke Yamada on Japanese developments this week, including the major long-end steepening. We will review the BoJ meeting, explore what the Feb 8th election, announced this week, could mean for Japanese fiscal policy and thereby the risks it presents for JGB yields, the curve and JPY.</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 th...
Solving utility affordability doesn’t mean data center development goes dark
<p >AI Fuels Power Growth, Politics Shape the Path</p> <p >As utilities enter 2026, the investment narrative evolves from a pure growth story to one defined by smarter positioning and selective opportunity. While AI‑driven power demand and data center expansion remain powerful secular tailwinds, political scrutiny about electricity affordability-especially in states with tightly contested elections-introduces complexity. Some state governments are addressing these concerns by designing data‑center tariffs that shift costs away from residential customers, ideally lowering consumer bills while unlocking economic development. In the opinion of BofA Global Research utilities analyst Ross Fowler, recent weakness in power stocks like...
Defense to throttle up on growth, why privates can coexist with primes
<p >Takes from Defense Forum and Private Company Meetings</p> <p >US defense is in the midst of an upcycle, driven by an increasingly assertive policy stance, the potential for a step‑change in federal defense spending, and accelerating innovation across traditional and non‑traditional contractors. Earlier this month, Ron Epstein hosted discussions at the 18th BofA Global Research Defense Forum in New York, which underscored a bullish multi‑year outlook. U.S. spending could step higher in F27, some of that merely helping to match some European promises when it comes to spend as a percentage of GDP. This will r...
Friday Rates Update
<p>Please join Ralf Preusser in discussion with Mark Capleton, Sphia Salim and Meghan Swiber, analysing global yield curve dynamics. We will explain our outlook for curves across USD, EUR and GBP. We will focus on what we have learnt so far this year and on risks to our forecasts, including issuance patterns, investor behaviour (incl Dutch pension reform) and the policy environment (in particular in the US).</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...
US labor market
<p>Please join Ralf Preusser in conversation with Aditya Bhave and Mark Cabana after the US labor market report. The team will discuss the US payroll print in detail and give their thoughts on what this is likely to mean for the Fed and the US rate market. We will also elaborate on what we have learnt about the US economy over the holidays and why this doesn't make the Fed's job any easier.</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 f...
