Capital Market Outlook

August 30, 2021

IN THIS ISSUE

Macro Strategy — Supply Chains, Inventories and Inflation: Trends from around the world show supply chain bottlenecks have been holding back global growth to a degree not seen since at least the 1970s.
Global Market View — The Four Horsemen of the Digital Revolution: The next wave of the digital revolution will help to provide a significant shift up in real gross domestic product and productivity growth as a larger share of the economy is driven by technology.
Thought of the Week — Consumer Strength is Moderating: We are starting to see some churn below the surface amid increasing uncertainty over the near-term economic outlook.

Important Disclosures

All data, projections and opinions are as of the date of this report and subject to change.

The Chief Investment Office (CIO) provides thought leadership on wealth management, investment strategy and global markets; portfolio management solutions; due diligence; and solutions oversight and data analytics. CIO viewpoints are developed for Bank of America Private Bank, a division of Bank of America, N.A., (“Bank of America") and Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S" or “Merrill"), a registered broker-dealer, registered investment adviser and a wholly owned subsidiary of Bank of America Corporation.

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