Capital Market Outlook

July 26, 2021

IN THIS ISSUE

Macro Strategy — Too Much of a Good Thing: Higher inflation will likely remain persistent rather than transitory.
Global Market View — The Flashpoint for U.S. Supply Chains: The pandemic disruption to supply chains has served as a flashpoint in evaluating vulnerabilities and fragilities across a number of industries.
Thought of the Week — Market Power that Makes OPEC Green with Envy: We believe we are on the road to a more decarbonized future.

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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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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