Capital Market Outlook

July 12, 2021

IN THIS ISSUE

Macro Strategy — Oil-Price Forecasts Run the Gamut: Uncertainty, long-term supply restraints, and unprecedented monetary liquidity are adding further upside bias to oil prices.
Global Market View — The Art of Investing in China: “Crossing the River by Feeling the Stones”: There is a fair degree of promise and peril in investing in China.
Thought of the Week — Disclosure Matters: Assessing climate risks relies on good disclosure.

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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Investing involves risk, including the possible loss of principal. Past performance is no guarantee of future results.

All recommendations must be considered in the context of an individual investor’s goals, time horizon, liquidity needs and risk tolerance. Not all recommendations will be in the best interest of all investors.

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