Capital Market Outlook

October 19, 2020

IN THIS ISSUE

Macro Strategy — Fed Survey Shows Progress On Income Inequality — The latest survey shows bigger percentage increases in wealth and income for lower-income families than higher-income families.
Global Market View — America's Political Y2K Moment Will Come and Go — America is on the cusp of a political Year 2000 (Y2K) moment, portending more near-term volatility.
Thought of the Week — Can Coronavirus Halt the Urbanization Megatrend? — We find that while coronavirus may lead to a slight deceleration of the rural-to-urban population shift, the data indicates that this is too large a global force to stop.

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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