Capital Market Outlook

January 11, 2021

IN THIS ISSUE

Macro Strategy — Reflation Favors Commodities — Policies aimed at raising inflation are likely favorable for commodity prices.
Global Market View — 10 Questions for 2021 — Some key questions that may affect this year’s market outlook.
Thought of the Week — With 2020 Hindsight, Markets Look Toward 2021 — We do see positive trends building for economic and earnings growth into the new year supportive of an equity uptrend in 2021.

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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