Global Research Unlocked

BofA Global Research

Listen and subscribe to Global Research Unlocked. A podcast from BofA Global Research. Nuanced insights that can help you chart the right path. Our industry-leading analysts discuss what’s emerging – from risks and opportunities to growth themes like AI and energy transition.

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#267
Tuesday · 6 min
Must Read Research: Earnings, AI Credit & Tesla-SpaceX
In this episode of Must Read Research on Global Research Unlocked, Candace Browning looks at how politics and the AI investment cycle are reshaping the financial conversation. We explore why Washington gridlock has historically been a favorable backdrop for stocks, why strong earnings breadth hasn’t been enough to satisfy investors in Alphabet and Meta, and how the AI funding boom is spilling into credit markets, including Oracle. We also examine the growing ties between Tesla and SpaceX, and what a potential combination could mean for AI infrastructure, manufacturing and shareholders. "Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2026 Bank of America Corporation. All rights reserved.
#266
Tuesday · 20 min
Window dressing
Ralf Preusser, Mark Cabana, Sphia Salim and Agne Stengeryte discuss the outlook for global rate markets following the policy decisions by the Fed, ECB, BOC, RBNZ and BoJ and ahead of the decisions by the RBA and BoE. We will also share our thoughts on the UK budget and the US refunding announcement as well as upcoming data releases. "Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2026 Bank of America Corporation. All rights reserved.
#265
Saturday · 23 min· Video
Chip stocks retreat but AI spend advances; upcycle has room to run
AI Semis: Spending strong, investor concerns build AI capex has seen upward revisions for years, and estimates for many semiconductor stocks have followed. Positioning in the semiconductor index may have gotten excessive around the June highs, but there have also been less positive developments since, from cancelled IPOs to widening credit spreads for neocloud companies. Combined with continued concerns around open models and AI pricing, these developments have fueled investor fears about the pace of AI spending growth. Vivek Arya joins the podcast to discuss his latest views on semiconductors, what the group needs to resume its upward trend, the sustainability of memory pricing, and how developments in AI models and efficiency could impact chip demand. He also looks to past semiconductor cycles for clues on how much longer this upcycle may last. "Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2026 Bank of America Corporation. All rights reserved.
#264
October 27 · 36 min
Global Rates & FX Views: Central banks & budgets
Sphia Salim and our Global Economists discussed the upcoming central bank meetings across the Fed, BoC, ECB and BoJ, including how policymakers were navigating uncertainty on the energy front and emerging pressures on risk assets. The discussion also previewed the UK Budget and explored how the ECB was thinking about French spreads. The call took place on Friday, 22 October at 9:00 a.m. EST / 2:00 p.m. BST / 3:00 p.m. CEST. "Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2026 Bank of America Corporation. All rights reserved.
#263
October 27 · 6 min
Must Read Research: Debt, Defensives, Energy and the AI Buildout
In this episode of Must Read Research on Global Research Unlocked, Candace Browning examines the rising price tag behind some of today’s biggest market themes. America’s annual interest bill has doubled to more than $1.2 trillion, while our Bubble Risk Indicator suggests the rotation from Technology into defensive stocks has reached historically extreme levels. We also explore why high gas prices are making coal economically competitive again in Europe, and how a $2.1 trillion data-center buildout is changing everything from power systems and cooling to construction and M&A. "Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2026 Bank of America Corporation. All rights reserved.
#262
October 21 · 6 min
Must Read Research: The Great AI Debate
In this episode of Must Read Research on Global Research Unlocked, Candace Browning examines the trillion-dollar question facing AI: can returns ultimately justify the enormous investment going into it? We explore the potential $1.5 trillion annual AI subscription opportunity, increasingly crowded investor positioning in Technology and semiconductors, and how AI agents could reshape travel by influencing which flights and hotels consumers see. We also turn to Bitcoin, where a new valuation framework examines whether the asset has been left behind as investors have crowded into AI, and what ETF flows, adoption, and macro conditions could mean for the outlook. "Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2026 Bank of America Corporation. All rights reserved.
#261
October 19 · 25 min
The return of correlations
Please join Ralf Preusser and team in conversation with Jill Hall and Chintan Kotecha to discuss equity/bond correlations and positioning. We will discuss the return of equity bond correlations, implications and risks for CTA positioning and for asset allocation models. "Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2026 Bank of America Corporation. All rights reserved.
#260
October 17 · 26 min
The last war isn't the next one; Asia and US defense fundamentals remain strong
Defense restocking accelerates; new threats drive demand Defense demand remains strong globally as depleted inventories, shifting threats and years of underinvestment drive a multiyear restocking cycle. Ron Epstein discusses record US defense outlays, rising production needs and why recent weakness in defense stocks may be disconnected from the fundamentals. KJ Hwang highlights Korea's expansion beyond the land systems that drove early exports. Korean companies are expending into air defense, low-cost interceptors and counter-drone technologies, with the Gulf emerging as a potential source of new orders. Together they also discuss how militaries are balancing inexpensive drones with sophisticated missile threats, and why lessons from today's conflicts may not necessarily translate to how the next wars may be fought. "Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2026 Bank of America Corporation. All rights reserved.
#259
October 13 · 5 min
Must Read Research: Oil, the Consumer, Rates and Elections
In this episode of Must Read Research on Global Research Unlocked, Candace Browning examines how perception is shaping market outcomes across asset classes. We explore why oil remains near $100 despite recovering crude exports, what card data and retailer feedback reveal about the strength of the U.S. consumer, why bond strategists believe markets may be underestimating the likelihood of additional Federal Reserve tightening, and how Brazil's presidential election is driving some of the largest investment flows into Latin America in years. "Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2026 Bank of America Corporation. All rights reserved.
#258
October 11 · 31 min
Global Rates & FX Views: Global bond selloff & credit impact
Please join Sphia Salim in discussion with Ralf Preusser and Meghan Swiber alongside our colleagues from credit (Neha Khoda, Head of US credit strategy and Barnaby Martin, Head of European credit strategy). We will explore the nature of the recent extension in the global govt bond sell-off, where positioning is, what the Fed & US treasury could do slow the moves and finally whether this is starting to weigh on pockets of the US and European credit markets. "Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2026 Bank of America Corporation. All rights reserved.
#257
October 6 · 22 min
Must Read Research: AI + Quantum: The Ultimate Power Couple?
Quantum computing is moving from scientific promise to commercial reality, opening new possibilities across sensing, secure communications, finance, healthcare, aerospace, defense, and space. The industry has already surpassed $1 billion in annual sales and could reach $80 billion by 2035, while shortening timelines to “Q-Day” are adding urgency to the race. In this special episode of Must Read Research on Global Research Unlocked, we sit down with Haim Israel, Head of Thematic Investing, and Vivek Arya, Senior U.S. Semiconductor Analyst, to uncover what is accelerating quantum’s development, how the technology could reshape today’s encryption, and why the next breakthrough may come from its connection with AI. AI is helping advance quantum systems today; quantum could dramatically expand what AI can solve tomorrow. That two-way relationship could make them technology’s ultimate power couple. "Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2026 Bank of America Corporation. All rights reserved.
#256
October 5 · 28 min
Post NFP Takeaways: Econ, Rates, FX
Please join our BofA Economists and rates & FX strategists to discuss takeaways after the September employment report. They will discuss implications for US economy, Fed path, rate levels / curve shape, & USD implications. "Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2026 Bank of America Corporation. All rights reserved.
#255
October 5 · 18 min
There’s space for traditional wireless too; LEO can coexist with terrestrial networks
Rural broadband threat, urban voice and data advantage Telecom stocks came under significant pressure around the SpaceX IPO as investors worried that low Earth orbit (LEO) satellites could disrupt traditional wireless and broadband markets. But while satellite data works well in many geographies, including rural areas, offshore and on mountaintops, Michael Funk discusses the capacity, coverage, and economic limitations in many urban and suburban markets. He also discusses the areas where he believes LEO may have the easiest time making inroads and those areas where the technology will very likely need a land-based partner to offer reliability that customers demand. Looking further ahead, Michael discusses opportunity for LEO in AI-related applications such as machine-to-machine communications, autonomous systems, and humanoid robots. "Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2026 Bank of America Corporation. All rights reserved.
#254
October 2 · 8 min
Signals & Noise: Earnings Over Elections
Midterms may dominate headlines, but corporate earnings, inflation and interest rates remain the key drivers of US equities. In this episode of Signals & Noise, Savita Subramanian discusses the outlook for stocks and bonds, the implications of higher Treasury yields, and the role of AI-driven productivity in supporting earnings and market performance. "Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2026 Bank of America Corporation. All rights reserved.
#253
October 2 · 24 min
Novel now, big scale shortly; AV speed reinforced by Bay Area trip
AV adoption is scaling; physical AI broadens the story Autonomous vehicles appear to be reaching an inflection point, with the focus shifting from proving the technology to scaling fleets, geographies and business models. Fresh off their Bay Area trip to see 15 corporates in the space, Martyn Briggs and Alex Perry discuss rapid growth in robotaxi deployments, falling autonomous ride costs, and the role of AI-native architectures in enabling expansion. And while many listeners have firsthand experience with autonomous ride sharing, Martyn and Alex also discuss their views and recent learnings on AV trucking, which could transform a freight sector dealing with chronic driver shortages. We also discuss why AV progress is important for the physical AI future. "Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2026 Bank of America Corporation. All rights reserved.
#252
September 29 · 5 min
Must Read Research: Rates, Crops, Korea, and Prediction Markets
In this episode of Must Read Research on Global Research Unlocked, Head of Global Research Candace Browning explores how markets are pricing the probabilities that matter most. We discuss why Treasury yields continue to track Federal Reserve expectations more closely than economic data, how tightening inventories and supply disruptions are supporting an emerging agricultural bull cycle, and why Korea’s next growth phase may extend well beyond memory chips into infrastructure, consumer, and healthcare industries. We also examine the rapid evolution of prediction markets, where trading volumes have surged as platforms expand beyond politics into sports, crypto, and other event-driven markets. "Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2026 Bank of America Corporation. All rights reserved.
#251
September 25 · 17 min
Global Rates & FX Views: Rates and inflation
Please join Ralf Preusser in discussion with Mark Capleton, Evelyn Herrmann, Stephen Juneau and Meghan Swiber. We will discuss the upcoming inflation prints in the Euro Area and the US. In light of the recent run up in commodity prices, inflation is back in the driving seat for central bank reaction functions and as a result rate curves. We will discuss where we see opportunities in rates and inflation markets. "Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2026 Bank of America Corporation. All rights reserved.
#250
September 24 · 23 min
Consumers resilient but many retail stocks are on the sale rack
Consumer strength, lower-income spend improving Much of the consumer survey data suggests that consumers feel squeezed and are increasingly frustrated by inflation, but BAC credit and debit card spending data tells a different, more positive story. And importantly, it's not just higher income consumers who are spending. Recent data has shown improving growth from lower income consumers, even when excluding gasoline. Aditya Bhave, Head of US Economics for BofA Global Research, and Chris Nardone, Hardline and Broadline Retail analyst for BofA Global Research discuss whether other data is telling the same, encouraging consumer story and whether retailers generally agree with this more positive depiction of the US consumer. They also address what's ahead-especially as tariff refunds will be less helpful for companies next year and the consumer faces a winter with high gasoline prices and record diesel/heating oil. Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2026 Bank of America Corporation. All rights reserved.
#249
September 22 · 5 min
Must Read Research: Fed Hiking Cycle; Brazil Optimism; Australia’s AI Boom; AV Commercialization
In this episode of Must Read Research on Global Research Unlocked, Head of Global Research Candace Browning examines economies moving in different directions as inflation, policy, and investment trends continue to reshape the global landscape. We explore why the Federal Reserve may be at the start of a new tightening cycle, rising optimism toward Brazil despite election uncertainty, and how Australia's artificial intelligence investment boom could create inflationary pressures before delivering productivity gains. We also look at the accelerating commercialization of autonomous vehicles as driverless transportation moves from pilot programs toward broader deployment. "Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2026 Bank of America Corporation. All rights reserved.
#248
September 18 · 20 min
Global Rates & FX Views: The great central bank review
Please join Ralf Preusser in conversation with Agne Stengeryte, Meghan Swiber, and Tomonobu Yamashita. We will review the Fed, the BoE and the BoJ and discuss implications for global rate and FX markets. The Fed delivered a hawkish hike and joined the global tightening cycle. The repercussions of this decisions have already had strong effects across yield curves and currencies. We discuss the FOMC decision in the context of the other central banks on the docket this week. "Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2026 Bank of America Corporation. All rights reserved.

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