Capital Market Outlook

November 30, 2020

IN THIS ISSUE

Macro Strategy — U.S. Consumer: Locked and Loaded for 2021 — Real consumer spending growth in the year ahead could be the fastest we have seen in decades.
Global Market View — Two Planks for Growth Under the New Administration — Foreign trade and immigration are important determinants of long-term economic growth and U.S. corporate earnings.
Thought of the Week — Merrier Investor Sentiment but No Euphoria — Investor sentiment has turned more bullish in November.

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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