Capital Market Outlook
September 21, 2020
IN THIS ISSUE
- Macro Strategy — Cultivating an Economy of the Future — The endogenous factors that drive U.S. business investment spending are mostly supportive heading into 2021, even with the anticipated weakness in aircraft and some areas of nonresidential structures.
- Global Market View — One Key to U.S. Competitiveness: Automation and Immigration — Reshoring could prove to be a supportive catalyst for future growth in U.S. output and earnings, driven in part by automation and immigration.
- Thought of the Week — Hybrid Learning Effect on Back‐To‐School Retail Sales — The pandemic affected back‐to school retail sales, which look different in composition and cadence than previous years, will largely in the end be flat with the previous year.
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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