Capital Market Outlook
September 14, 2020
IN THIS ISSUE
- Macro Strategy —U.S. Economy Continues To Prove More Resilient Than Expected — Continued unprecedented string of positive economic surprises and large upward revisions to the outlook for third-quarter gross domestic product (GDP) and profits are helping to drive a rotation into more cyclical stocks that would benefit from stronger growth ahead.
- Global Market View — Are the Markets Too Complacent About Mounting Geopolitical Risks? — It's worth being mindful of geopolitical tension points since that bolts from the blue could emanate from nearly any place in the world and at any time.
- Thought of the Week — Mind the Gaps in U.S. (Digital) Infrastructure — We believe the next generation of U.S. infrastructure build-out will extend beyond roads and bridges and focus on the development of important information communications technology investments and related applications.
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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