Global Research Unlocked

Please join Ralf Preusser in conversation with Aditya Bhave and Mark Cabana after the US labor market report. The team will discuss the US payroll print in detail and give their thoughts on what this is likely to mean for the Fed and the US rate market. We will also elaborate on what we have learnt about the US economy over the holidays and why this doesn't make the Fed's job any easier.   You may also enjoy listening to the Merrill Perspectives podcast, featuring conversations on the big stories, news and trends affecting your everyday financial life.   "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.  

Eyes off US roads to understand lithium demand It may have seemed as though 2025 would have been a challenging year for lithium but North American electric vehicle production accounted for only about 10% of the global total, even prior to the expiration of the $7500 subsidy. That's one reason that equities tied to the metal have fared well. Chinese EVs and battery storage, a beneficiary of data center investment, are much more important contributors to the lithium demand story today, while future drivers include drones and robots. Rock discusses how all this translates for lithium demand and touches on the supply outlook where possible project restarts could have meaningful impact on our estimates. We pivot to Matt for a discussion of chemicals more broadly and discuss phosphate, where the demand tailwinds aren't as strong as but where supply constraints are stronger. We even get into common threads between lithium and phosphate.   You may also enjoy listening to the Merrill Perspectives podcast, featuring conversations on the big stories, news and trends affecting your everyday financial life.   "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.  

Join Paul Ciana, a macro financial markets analyst at BofA Global Research, as he shares his insights on technical analysis for 2026. He discusses key indicators like RSI and MACD, explaining how they signal market trends. Paul predicts a bullish dollar-yen breakout and outlines potential yield increases in the U.S. 10-Year rates. He also expresses caution on gold while being optimistic about commodities and the S&P 500’s movement, hinting at new highs despite underlying challenges. A fascinating peek into future market dynamics!

Year ahead themes and where we could be wrong Earlier this month, BofA Global Research published a note with 10 of the key views outlined in 2026 macro Year Ahead reports. This podcast features seven strategists and economists discussing certain of those themes and offering the primary risks to the views that they foresee. We start with our view on U.S. growth, where we're more bullish than consensus, then offer support for that optimism with a take on why we don't yet see an AI bubble. We then discuss our constructive outlook for emerging markets but our more muted view on the S&P 500. We offer our take on why it's important for policymakers to keep inflation down and what that means for bonds, share our official view on the 10Y and finish with what all of that means for U.S. housing.    You may also enjoy listening to the Merrill Perspectives podcast, featuring conversations on the big stories, news and trends affecting your everyday financial life.   "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. ©2025 Bank of America Corporation. All rights reserved.

Ralf Preusser is joined in discussion by Adarsh Sinha and Mark Cabana. We will review the outlook for US rates and the US dollar after this week's FOMC meeting. We also analyse the motivation and implications behind the Fed’s new Reserve Management Purchases. Finally, we will also discuss the dramatic repricing of the policy outlook for the RBA, preview next week's BoJ meeting and outline our views on GBP.   You may also enjoy listening to the Merrill Perspectives podcast, featuring conversations on the big stories, news and trends affecting your everyday financial life.   "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. ©2025 Bank of America Corporation. All rights reserved.

Solar, Storage, and Nuclear: The Next Clean Tech Wave Surging AI demand is creating volatility and speed-to-power challenges, while grid delays push onsite generation forward. Our Clean Tech Symposium highlighted a major shift in data center power strategies, with the percentage of facilities using onsite gas potentially doubling in the short term. But, its role as bridge vs. temporary depends on economics: transmission and distribution (T&D) spend >$100B annually and pricing trends closer to $6/MMBtu. Solar-plus-storage remains highly cost-competitive with battery prices down 40-50%, reinforcing its position in future portfolios. Nuclear small modular reactors (SMRs) are progressing with faster timelines, though commercialization is years away and cost certainty remains low. Power availability is now shaping data center site selection, where Dimple sees solar + storage and nuclear as complementary long-term solutions.    You may also enjoy listening to the Merrill Perspectives podcast, featuring conversations on the big stories, news and trends affecting your everyday financial life.   "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. ©2025 Bank of America Corporation. All rights reserved.

Meghan Swiber, a Senior US Rates Strategist, and Mark Capleton, the Global Head of Inflation-Linked Strategy, dive into the future of inflation markets. Meghan discusses potential Fed rate cuts driven by unemployment concerns, while also addressing Powell's data dependence. Mark warns about persistently low euro inflation and highlights the anomaly in the US-Euro long-term inflation spread. They analyze the impact of the UK budget on breakevens, suggesting it could make medium-dated options more attractive. Tune in for their expert insights!

David Tinsley, Senior Economist at the Bank of America Institute, and Ashley Wallace, Head of the EMEA Consumer Discretionary Team at BofA Global Research, dive into the latest trends in employment and luxury spending. They discuss the notable wage growth gap between lower and higher income earners, emphasizing challenges for low-income consumers. Meanwhile, luxury spending is experiencing a resurgence, particularly in fashion and jewelry. The guests explore how stock market trends may influence future luxury demand and the resilience of high-income shoppers amidst potential market fluctuations.

Join Stephen Juno, a US economist, as he analyzes the recent September labor market data, highlighting modest job gains and rising participation rates. Mark Cabana, Head of US Rate Strategy, shares market positioning insights, advocating for a mix of hawkish and dovish strategies in response to Fed policies. FX strategist Alex Cohen discusses dollar fluctuations influenced by rates and equities, noting a potential return of the dollar smile. The trio dives into implications for the economy and upcoming Fed decisions.

Alec Stranahan, a biotech analyst from BofA Global Research, Vivek Arya, a tech analyst focused on semiconductors, and Brad Sills, a software analyst, dive into the transformative role of AI in healthcare. They discuss how AI is addressing inefficiencies, with use cases like automated note-taking and connected care through wearables. Vivek highlights the implications for the semiconductor industry as compute demands rise, while Brad outlines how software innovation supports AI integration in healthcare workflows. Together, they paint a picture of a rapidly evolving landscape.