Podcasts about bofa securities

Please join Sphia Salim for a discussion with the global rates team on the implications of all the central bank decisions taken this week. We will review the exceptionally uncertain Fed meeting and debate the outlook for 2y & 10y UST yields. We will also discuss the takeaways from the guidance provided by the BoE and BoJ. The call took place on Friday, July 31st, 2026.   "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.

Unlocking new markets, from broadband to the moon The SpaceX IPO has renewed investor interest in the rapidly evolving space economy. But to understand the opportunity that space may present requires an understanding of launch costs and to what extent they can continue to decline. US Aerospace and Defense analyst Ron Epstein explains the economics underpinning the next phase of space development. Ron discusses how advances in rockets have already reduced launch costs from roughly $20,000 per kilogram to as little as $1,000-$2,000, with the potential to fall toward $100 per kilogram. The conversation explores the hurdles to and promise of further declines in costs, the importance of reusability and how dramatically lower launch costs, if achieved, could unlock new markets-from global broadband and orbital data centers to next-generation defense, space manufacturing, and lunar resource development. We also discuss some of the unique challenges space-based data centers-launch costs matter but so do cooling solutions.   "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.

This week on Signals & Noise, Mark Cabana, co-head of Global Rates Strategy, breaks down the highly anticipated July FOMC meeting, explaining why markets face unusual uncertainty over the Fed's next move. He discusses the case for both holding rates steady and raising them and examines what a surprise hike could mean for Treasury yields, inflation expectations, and financial 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.

As AI enthusiasm drives markets to new highs, investors are increasingly asking whether the boom has become a bubble. In this episode of Signals & Noise, Ben Bowler and Arjun Goyal explore why today's AI-driven market shares many of the characteristics of past technological booms while arguing that the current cycle may still have room to run. They discuss BofA's proprietary Bubble Risk Indicator (BRI), a tool designed to identify bubble-like price behavior across asset classes, and explain why volatility often rises alongside prices during periods of intense investor optimism. The conversation examines how FOMO, uncertainty, and increasingly reflexive markets can create powerful momentum, as well as the practical implications for investors managing risk in AI-related equities, semiconductors, memory stocks, commodities, and other crowded trades. The key takeaway: in today's market, understanding psychology and market dynamics may be just as important as understanding fundamentals.   "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.

This week on Must Read Research, we look back at prior semiconductor selloffs for clues on what may come next and revisit our recent Transforming World Conference for an understanding of the breakthroughs and challenges AI may create tomorrow. Power remains a key constraint for the technology, creating opportunities for traditional oil & gas companies.  We also look at emerging market debt where asset class growth and historical returns should impress even AI investors.    "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.

Please join Mark Cabana for a discussion with credit strategist Yuri Seliger & rates strategist Meghan Swiber. Yuri will discuss the outlook for hyerscaler issuance & IG outlook, Meghan will place in context of broader rates. The call took place on Friday, July 24, 2026 at 9 AM EDT, 2 PM BST, 3 PM 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.

In this episode of Must Read Research on Global Research Unlocked, T.J. Thornton steps in for Candace Browning to explore several of the themes heating up markets this summer. We recap a strong start to earnings season, where broad-based growth is extending beyond AI and early results are running ahead of historical averages. We also examine the debate surrounding Netflix's engagement trends as investors weigh slowing viewing hours against new monetization opportunities and the company's long track record of adaptation. Beyond corporate earnings, we discuss how extreme temperatures across Europe are creating risks for global agriculture markets and what that could mean for corn production and pricing. Finally, we look at the evolving supply-demand backdrop for U.S. Treasuries as signs of softer foreign demand raise questions about future sources of support for the market.   "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.

In this episode of Signals and Noise, Aditya Bhave, Head of US Economic Research at BofA Securities, lays out the case for three 25bp Fed rate hikes in September, October, and December. He explains why current policy appears too accommodative given the combination of steady labor markets and elevated core inflation, and why recent softness in CPI data has not changed our view. Aditya also addresses the three most common challenges to our forecast: whether inflation is truly a problem, whether Chair Warsh will ultimately follow through on a hawkish stance, and whether markets are underestimating the amount of tightening needed to meaningfully impact financial conditions. Along the way, he breaks down the role of tariffs, geopolitical shocks, core PCE inflation, and Fed credibility in shaping the outlook for rates and 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.

Please join Ralf Preusser in conversation with Sphia Salim, Meghan Swiber and Shusuke Yamada. We will discuss potential implications of a hypothetical change in Japan's GPIF asset allocation both for Japan and G10 more broadly. We will also preview next week's ECB meeting and discuss how the Fed's reaction function may have changed with this week's US data.   "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.

Our guest speaker is Gary Neville, former professional footballer, entrepreneur, broadcaster and business leader and who is one of the most influential voices across soccer and media. Since retiring from playing, he has built a broad portfolio spanning broadcasting, property, education and club ownership, including co-ownership of Salford City FC. Through his work, Gary is committed to expanding access to sport, supporting communities, and using sport to bring people together. Join us for a wide-ranging discussion covering experiences at the top of the game, transition into media and entrepreneurship, and perspectives on the business of modern soccer.    "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.

Our guest speaker is Gary Neville, former professional footballer, entrepreneur, broadcaster and business leader and who is one of the most influential voices across soccer and media. Since retiring from playing, he has built a broad portfolio spanning broadcasting, property, education and club ownership, including co-ownership of Salford City FC. Through his work, Gary is committed to expanding access to sport, supporting communities, and using sport to bring people together. Join us for a wide-ranging discussion covering experiences at the top of the game, transition into media and entrepreneurship, and perspectives on the business of modern soccer.    "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.

U.S. consumers showed remarkable resilience in June, with spending growth reaching its strongest pace in four years. But what's driving the surge, and can it last? In this episode of Global Research Unlocked, T.J. Thornton speaks with David Tinsley, Senior Economist at the Bank of America Institute, about the latest Consumer Checkpoint data. They unpack the factors behind June's spending acceleration, including the impact of the 2026 FIFA World Cup, a rebound in discretionary purchases, and improving momentum among lower-income households. The conversation explores a notable shift in the consumer landscape: the long-running K-shaped spending trend appears to be narrowing. David discusses why wage growth is accelerating for lower-income consumers, how increased job switching and a stronger labor market may be supporting household finances, and whether these improvements are likely to persist into the second half of the year. They also examine spending patterns across World Cup host cities, the return of strength in retail categories, and the risks facing consumers as temporary tailwinds fade and spending continues to outpace wage growth.   "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.

EM resilience tested by Fed, fueled by long-term flows Emerging market equities have more than doubled the S&P 500's return year-to-date, and have held up well despite rising Fed hike expectations and a stronger US dollar. In this episode, David Hauner explains why he remains structurally bullish on EM despite our Economic team's expectations for three Fed hikes later this year. David discusses how flows over the last decade, interest rate differentials and dollar diversification play into his calculus. He also addresses the impact and risks that come with U.S. Midterm Elections and AI. David Beker joins for commentary on Brazil, where weaker growth expectations, lower oil and a less favorable rate outlook have flipped the script. But he suggests that political clarity could help investors to re-engage.   "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.

Convergence of brokers, betting and prediction markets Prediction markets (PMs) have exploded in popularity over the past year, with volumes doubling since the start of May. By some measures, prediction markets are already approaching the scale of online sports betting. Julie Hoover from the Gaming, Lodging & Leisure team joins the podcast to discuss what's driving this growth and categories other than sports which could be the next major opportunities for PMs, Julie also explores key differences between prediction markets and traditional sports betting, including taxation, and market-making dynamics.. She discusses online brokers, which share a significant customer base with prediction markets and could be well positioned to succeed in this growing market as the companies expand their PM offerings. Finally, we examine the risks, which include more than 15 state lawsuits challenging prediction markets. It's likely that the U.S. Supreme Court will ultimately decide whether and which sports event contracts can continue to be offered.   "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.    

Please join our US economist and rates strategists for their weekly rates call to cover (1) commodity risks for global rates & curves and (2) US CPI preview & US inflation pricing implications. The call will took place on Friday, July 10, 2026 at 9 AM ET, 2 PM BST,3 PM 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.

In this episode of Must Read Research on Global Research Unlocked, Candace Browning explores a broadening opportunity set across markets and industries. We examine the rapid expansion of the space economy and how advances in launch and satellite infrastructure are reshaping connectivity and computing. We also look beyond the U.S. and China for the next wave of AI beneficiaries, highlighting the countries best positioned to capitalize on both AI buildout and long-term productivity gains. The discussion then turns to Europe, where earnings momentum is improving for the first time in years, and to the Research Investment Committee's latest views on opportunities beyond crowded market leadership as signs of economic and earnings broadening continue to emerge.   "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.

In this episode of Signal vs. Noise, Savita Subramanian, Head of U.S. Equity & Quantitative Strategy, reviews a surprising first half of 2026 and explains why she believes investors should look beyond the Magnificent Seven. With earnings growth exceeding expectations, inflation reaccelerating, and Fed rate hikes back on the table, Savita argues that the next winners could be large-cap value and manufacturing beneficiaries, including energy, materials, industrials, financials, and real estate.   She breaks down why AI-driven megacaps may be facing higher hurdles, how a manufacturing and capex boom is reshaping earnings leadership, and why stock selection could matter more than ever in the second half of the year.   "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.  

Please join Ralf Preusser in conversation with Aditya Bhave, Mark Cabana and Alex Cohen post-payrolls. Since Fed Chair Warsh is trying to move away from forward guidance, the importance of US data will only increase. We will discuss the outlook for the Fed, US rates and the USD in light of the US labor market data.   "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.

In this episode of Must Read Research, we explore what happens when “too much of a good thing” begins to reshape markets. From a more hawkish Fed outlook to rotation beneath the surface of equities, shifting AI demand dynamics, and an intensifying battle in prediction markets. We break down the trends investors need to watch next.   "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.

In this episode of Signals & Noise, we unpack the latest midyear updates to global economic forecasts, including a modest upgrade to global growth and a downward revision to inflation. Despite easing headline inflation, policy remains tight, with our economists now expecting a more hawkish Federal Reserve than consensus. We explore the drivers behind this shift, including resilient labor market dynamics and persistent core inflation. We also discuss the impact of the Iran deal on energy markets, the role of AI-driven exports in supporting global growth, particularly in Asia, and why the U.S. economy continues to outperform other developed 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.

Please join Ralf Preusser in conversation with Mark Cabana and Adarsh Sinha to discuss the outlook for G10 rates and FX. We will discuss implications of the new Fed call, updated rates and FX forecasts and the main themes we see drive markets away from the Fed. 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.

Institutions are increasingly using derivative-based ETFs and FLEX Options as complementary tools to achieve precise risk-return outcomes. This panel will explore how products such as buffer and target outcome ETFs, hedged equity structures, and single-name/high-payout ETFs are reshaping institutional allocation models — and how FLEX Options provide the customization needed to support these strategies. Moderator: Sara Levin, Managing Director, ETF and Derivative Trading, WallachBeth Capital Panelists: Sean Truett, Senior Vice President of Strategy & Business Development, Box Options Market LLC Geoff Gaiss, Vice President Global Derivatives, TRAFiX Burke Ashenden, Head of Capital Markets & Institutional Strategy, Innovator James Maund, Head of Capital Markets, Krane Shares This panel is proudly sponsored by BofA Securities.  

As the United States approaches its 250th Independence Day, Derek Harris, Head of Global Wealth Management Portfolio and Investment Strategy speaks with Jared Woodard, Head of the Research Investment Committee to examine the long-run forces behind America's market leadership. Using data that spans much of the nation's financial history, they explore why U.S. equities have delivered nearly 10 percent annual returns and how that outperformance compares globally. The conversation also revisits the role of bonds, challenges traditional portfolio frameworks like 60/40, and highlights the structural drivers of U.S. success, including innovation, strong corporate earnings, and a business-friendly environment. They further discuss the efficiency of American R&D and the enduring role of the U.S. dollar in global markets. This episode offers a data-driven perspective on 250 years of American capitalism and the key trends shaping the path ahead.   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.

We recap the June FOMC meeting with our US economists and rates / FX strategists. We offer our views on the hawkish messaging and how to position across rates & FX.     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.

Please join Mark Cabana in a discussion with Jill Carey Hall, Aditya Bhave, and Oliver Levingston as they break down key market dynamics, equity risks, and central bank outlooks. Gain expert insights and actionable perspectives on equities, rates, and macroeconomic trends   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.  

The prospect of 24/7 trading for U.S. listed options is no longer a thought experiment—it's an industry conversation already underway. But turning the lights on around the clock is not as simple as flipping a switch. It requires rethinking clearing, collateral, and risk management frameworks; redefining the trading day itself; and ensuring that liquidity, market depth, and investor protections hold up during non-traditional hours. Moderator: Aniceto Solares, Principal, Regulatory Policy, OCC Panelists: Dave Barrett, Head of U.S. Options, Nasdaq Kevin Tyrrell, Vice President, Head of Markets, NYSE: ICE Alicia Crighton, Managing Director, Goldman Sachs Adam Leaman, Chief Commercial Officer, Zerohash This panel is proudly sponsored by BofA Securities.

Instead of siloed perspectives, this session pairs buyside and sellside leaders to tackle pressing industry questions collaboratively: •    Which trends will shape the next 12–24 months? •    How are vendors and exchanges prioritizing innovation? •    What role can buyside firms play in shaping product development and liquidity frameworks? Moderator: Ivan Brown, Head of Options, IEX Panelists: John Ruby, Trader, Jane Street Andy Hicks, Option Strategist, BlackRock Tommy Martin, Chief Strategy Officer, DASH Financial Technologies Anthony Denier, Group President and U.S. Chief Executive Officer, Webull This panel is proudly sponsored by BofA Securities.  

Welcome to Signals and Noise, where BofA Global Research strategists from around the globe offer a shorter take on market matters as part of Global Research Unlocked. Today, we focus on the best performing size segment of the US equity market this year, US small and mid-caps, and how we're thinking about them today.   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.  

This week we pause to check a scoreboard flashing stretched positioning, analyze how AI infrastructure is quietly creating unlikely winners, highlight an Underdog taking on the big guys, and get field updates on a housing market still playing defense against affordability constraints   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.  

Rassegna stampa economico-finanziaria del 9 Giugno 2026, strutturata per macro-temi e basata sulle principali testate giornalistiche nazionali.RISIKO BANCARIO — IL GRANDE RIASSETTOTestate: Corriere della Sera / Il Sole 24 Ore / La Stampa / La Repubblica / Il Messaggero / MF / Il Foglio    •    Intesa Sanpaolo lancia l'OPAS su MPS del valore di 30,6 miliardi di euro (contanti + azioni), in tandem con Unipol. Ratio di scambio: 1,6 azioni Intesa + 1 euro cash per ogni azione MPS.    •    Reazione di Borsa (seduta 9/6): MPS +12,96%, Bper +5,18%, Unipol +4,55%, Generali +2,8%, Mediobanca +11,9%; Intesa -1,37%, UniCredit -2%.    •    Perimetro dell'operazione: Intesa tratterrà le 625 filiali di Mediobanca (con la quota del 13,2% in Generali), wealth management e investment banking. Unipol rileverà la sede storica di Rocca Salimbeni e 635 sportelli, trasferiti a Bper. Il nuovo istituto si chiamerà Banca Monte dei Paschi.    •    Target post-aggregazione Intesa: ~126 miliardi di capitalizzazione (seconda in Eurozona per market cap), 20 milioni di clienti, attività per ~1.700 miliardi, utili consolidati sopra i 16 miliardi nel 2029, con 61 miliardi di cedole distribuite entro quella data.    •    Impegno Unipol: Cimbri stima una quota di circa il 40% della seconda banca del Paese; investimento fino a 3,5 miliardi. Unipol-Bper nel 2025 ha generato 450–460 milioni di utili, con target 2026 a 930 milioni.    •    Azionariato post-Opas (mappa): Compagnia San Paolo 5,16%, BlackRock 6,98%, Fondazione Cariplo 4,30%, Delfin 3,81%, Caltagirone 2,93%, MEF 1,06%.    •    MPS sotto passivity rule: Qualsiasi mossa difensiva richiede assemblea straordinaria a maggioranza qualificata. Il cda si avvale degli advisor Ubs Europe e BofA Securities. Banco Bpm è di fatto escluso dall'operazione.    •    UniCredit–Generali: Orcel ha consolidato una quota tra il 9% e il ~10% nel Leone (titoli fisici + derivati). La quota finale in Commerzbank si conoscerà il 16 giugno 2026; al 40% Commerz entra nel consolidato, al 66% UniCredit ottiene il controllo dell'assemblea.    •    BTP Italia Sì: In collocamento dal 15 al 19 giugno 2026, durata 5 anni.    •    Pirelli/Golden Power: CNRC ha presentato ricorso al TAR contro il Golden Power applicato alla società (Il Sole 24 Ore).ENERGIA — PIANO UE SULLE BOLLETTETestate: La Stampa / Il Giornale / Corriere della Sera    •    Bozza legislativa UE attesa il 22 luglio 2026: La Commissione punta a tassare l'elettricità in misura inferiore al gas per favorire la transizione energetica e ridurre le bollette di famiglie e imprese.    •    Target contatori smart: Il 50% dei clienti elettrici dotato di contatore intelligente entro il 2030, per consentire l'accesso a tariffe dinamiche nelle fasce orarie più economiche.    •    Target elettrificazione: Passare dall'attuale 23% al 32% entro il 2030. Gli oneri di rete oggi pesano per circa un quarto della bolletta elettrica media UE.    •    Piano italiano rinnovabili approvato: La Commissione ha dato il via libera al piano italiano da 23 miliardi di euro in aiuti di Stato per produzione da fonti rinnovabili (eolico, solare, idroelettrico, biogas). I costi rientrano nella flessibilità del Patto di Stabilità fino allo 0,6% del PIL, sostenuti fino al 2028.    •    Rottura FCAS Francia-Germania: Airbus e Dassault non hanno trovato un accordo sul caccia di sesta generazione. Si apre lo spazio per il programma GCAP (Italia–UK–Giappone), con Leonardo tra i partner fondatori, primo decollo previsto entro il 2035 (Il Messaggero / Il Giornale).MACRO E FISCOTestate: Il Sole 24 Ore / Italia Oggi / La Stampa    •    Spesa pubblica 2025: Secondo La Stampa, lo Stato ha speso circa 1.155 miliardi, quasi il +30% rispetto al decennio precedente. La spesa per interessi è salita da 60 miliardi nel 2019 a 87 miliardi nel 2025. La proiezione al 2029 è di 1.245 miliardi.    •    Garanzie statali nel sistema bancario: Tra Sace e Mediocredito Centrale il sistema gode di una garanzia statale per 400 miliardi a Basilea (Tremonti, Il Sole 24 Ore).    •    Patrimoniale: Il 64% dei cittadini si dichiara favorevole a una tassa patrimoniale, secondo un sondaggio citato da Italia Oggi.    •    Fisco e accessi brevi: Italia Oggi segnala l'intensificazione dei controlli fiscali mediante accessi di breve durata, modalità più agile rispetto agli accertamenti tradizionali.    •    Riforma Corte dei Conti: Il tetto al 30% del danno risarcibile non è un condono; prima della riforma il recupero era al 10%. I presidenti di sezione passeranno da 104 a 50 (Il Sole 24 Ore, int. Miele).GEOPOLITICA ECONOMICATestate: Corriere della Sera / La Stampa / Il Messaggero / Il Foglio    •    Israele–Iran, cessate il fuoco temporaneo: L'Iran ha lanciato 24 missili balistici su Israele (tutti intercettati); Israele ha risposto colpendo infrastrutture energetiche iraniane, con 15 feriti secondo fonti ufficiali di Teheran. Tregua annunciata ma dichiarata reversibile da Teheran in caso di nuove azioni nel Libano meridionale.    •    Xi in Corea del Nord: Prima visita dal 2019; obiettivo dichiarato: contenere il rafforzamento dell'asse Kim–Putin, alimentato dai proventi energetici e finanziari che la guerra in Ucraina ha portato nelle casse di Pyongyang.    •    Armenia: Pashinyan rieletto con ~50% dei voti contro il 33% delle opposizioni filo-russe, consolidando il percorso di avvicinamento all'UE.    •    Difesa italiana — DDL in arrivo al CdM: Appalti accelerati per il riarmo, centro anti-disinformazione, commissione interforze per le nomine. Il requisito di carriera interforze per i vertici militari scatterà dal 2033 (Il Messaggero).GIUSTIZIA E COMPLIANCETestate: Libero Quotidiano / La Verità / Il Riformista / Il Dubbio    •    Caso Minetti: Il Gruppo Cipriani ha presentato richieste di risarcimento tra 220 e 250 milioni di euro contro Il Fatto Quotidiano, con cause aperte a Roma e New York.    •    Obblighi vaccinali Covid: La Cassazione ha dichiarato illegittima la sospensione di un amministrativo che rifiutava il vaccino in una sede senza pazienti. L'AUSL Romagna dovrà corrispondergli 11 mesi di stipendio più tredicesima e scatti. Spese legali: 13.200 euro, di cui il 60% a carico dell'ente.    •    Archiviazione Berlusconi–Dell'Utri: Il costo complessivo per lo Stato stimato in “oltre 25 milioni di euro” (Il Riformista).

Please join Sphia Salim in discussion with our US economists, rates and FX strategists to review the US payroll report. The US labor market remains central to the outlook for US monetary policy, especially ahead of the first FOMC meeting under the new Chair, and therefore also a key driver for US rates and the dollar.   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.

Mostly friendly skies for airlines and premium consumers Summer is starting just as higher income consumers remain flush and global soccer fans are descending on North America. But this also comes at a time when the airline ticket situation is becoming a bit more difficult, at least for consumers. Prices are elevated thanks to higher fuel and recently, a low-cost airline stopped flying. We talk to Andrew Didora about what all of this means for the airlines and the latest on consumer travel behavior. And while airlines are notoriously cyclical, we also discuss other parts of Andrew's coverage where the tailwinds are more structural, including cruise, gyms and golf.   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.

Lower prices are unlocking the next leg of GLP-1 growth Several years ago, the bullish case for GLP-1 penetration hinged on lower pricing and the availability of oral options-both of these have materialized over the past 18 months. Yet we remain early in the oral GLP-1 ramp, and pricing continues to adjust downward, suggesting ample runway for unit growth in these weight-loss therapies. Peter Galbo discusses the impact on food and beverage we've observed at today's ~10% penetration levels and what may lie ahead, especially as Jason Gerberry outlines where penetration could ultimately land and the improvements expected in side-effect profiles. We also examine intensifying competition within the GLP-1 landscape, as well as the packaged food and beverage segments most at risk-or best positioned to benefit-alongside areas where potential upside may be overstated   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.

This week, we discuss why the size of the market continues to expand, how the World Cup is fueling global beverage demand, contingency plans amidst shifting energy segments, the paths that lie ahead for LatAm countries facing elections and an overhead view of global markets where scale and earnings continue to expand.   Disclosure: 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.  

Please join Mark Capleton in discussion with Stephen Juneau, Alessandro Infelise-Zhou and Meghan Swiber on inflation and the inflation markets, covering: the outlook for inflation, where we diverge from the market, and implications for central bank policy and the rates curves.   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.

Please join Sphia Salim in conversation with global rates strategists to discuss the broad bond market selloff of the past week. We will explore its drivers across regions and the risks of a further extension of the moves, as well as the policy elements that can cap the rise in yields. We will also present key bond convexity and swaptions ideas in the context of elevated rates volatility.   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.

Youth labor in the age of AI adjustment Though about one-quarter of global jobs are exposed to AI, the Economics team doesn't share the view that AI will usher in mass unemployment. Benson Wu and Nick Stenner discuss their recent report on the topic, part of the Economics team's larger series on AI impact. They discuss several examples of past tech disruptions, many of which wound up favorable for job prospects when initial predictions were for a much less constructive outcome. Benson and Nick discuss youth unemployment, which is often cited as evidence of AI job destruction but they offer a different take and point out what's been improvement in that metric over the last several months. We share our views on the economies best positioned to benefit from the AI transition, and our take on whether benefits from AI may accrue more to capital than labor.   "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.

Please join Mark Cabana in discussion with Adarsh Sinha & Meghan Swiber to discuss the US-China summit, yen intervention, & US rates. We will cover FX views in context of US-China summit & recent yen interventions / USD flows + US rate views after recent inflation data & new Fed Chair Warsh.   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.

This week, we track how weather disruptions from El Niño may ripple through commodity markets that are already on edge, how sticky inflation and strong labor data could prompt unexpected Fed rate hikes, and how consumers are turning to Chinese autos, secondhand and off-price retail as they contend with these higher prices.   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.

Don't shut the door yet; housing supply discipline turning Consistent with the U.S. economy as a whole, the housing and building products markets are stronger in the high end, and weaker in the entry-level. Regionally, there are shades of this as well. Our new housing heatmap shows that the New York and San Francisco metro areas are among the strongest. Rafe discusses the drivers behind the regional disparities, the importance of supply and how certain markets that have been dealing with excess supply may get a bit of relief as builders are demonstrating discipline. Rafe also compares fundamentals for homebuilders to those for building product companies and why exposure to less discretionary projects like roofing can make certain building product companies attractive investments. Finally, we touch on housing policy where many potential solutions have been floated but where challenges persist. We discuss why meaningful action so far has been limited, partly due to structural dynamics   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.

Welcome to Must Read Research on BofA Global Research Unlocked. In this podcast, we offer quick summaries from the prior week's most interesting and impactful research. This week, we focus on the human and technological engine behind the World Cup, the rising cash flow bolstering big oil, and an IPO supply wave that's preparing its debut.   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.  

Please join Ralf Preusser in discussion with Aditya Bhave, Mark Cabana, Alex Cohen and Shruti Mishra to review the US payroll report. The US labor market remains central to the outlook for US monetary policy and therefore also a key driver for US rates and the dollar. 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.

This Day in Legal History: Salmon P. Chase DiesOn May 7, 1873, Chief Justice Salmon P. Chase died, ending one of the most unusual legal and political careers in American history. Chase had been an antislavery lawyer, a U.S. senator, governor of Ohio, Abraham Lincoln's secretary of the Treasury, and then Chief Justice of the United States. He was also one of the many talented and ambitious men around Lincoln who did not begin as an admirer of him. Before Lincoln became president, Chase had encountered him as a lawyer and reportedly did not think much of him, viewing him as a rough western attorney rather than a national figure. After Lincoln defeated him for the Republican nomination in 1860, Chase had reason to believe a summons to the White House might be an occasion for Lincoln to enjoy the victory. Instead, Lincoln offered him one of the most important jobs in the government: secretary of the Treasury.It was a revealing moment in Lincoln's political genius, because he was willing to place a rival who had underestimated him in a position of enormous responsibility during the Civil War. Chase helped finance the Union war effort and became closely associated with the creation of a national banking system and the issuance of paper currency. In 1864, Lincoln elevated him again by appointing him Chief Justice of the United States.As Chief Justice, Chase presided over the 1868 impeachment trial of President Andrew Johnson, a major constitutional test of presidential power and congressional authority. Near the end of his life, Chase dissented in the Slaughter-House Cases, one of the first major Supreme Court interpretations of the Fourteenth Amendment. The Court's majority read the Amendment's Privileges or Immunities Clause narrowly, limiting a provision that many had hoped would become a strong source of federal protection for civil rights. Chase's dissent placed him on the side of a broader understanding of Reconstruction's constitutional promise. His death mattered not only because of the offices he held, but because it came at a moment when the Supreme Court was deciding whether the Civil War amendments would transform American law or be read down almost as soon as they were adopted.Apple customers have asked a California federal judge to preliminarily approve a proposed $250 million settlement over claims that Apple overstated the artificial intelligence features available on the iPhone 16. The proposed class includes people who bought any iPhone 16 model or certain iPhone 15 models between June 10, 2024, and March 29, 2025. The customers allege Apple advertised enhanced Siri capabilities as part of its Apple Intelligence rollout even though those features were not yet available. Under the settlement, eligible class members who submit valid claims would receive $25 per device, with payments possibly rising to $95 per device depending on participation. Apple is also expected to provide additional Siri-related Apple Intelligence updates in the future at no extra cost.The plaintiffs said settlement made sense because AI-related consumer claims are still legally novel and would carry risk if the case continued. Apple had argued that its marketing was not deceptive because it had already released many Apple Intelligence features and had disclosed that other features would arrive over time. The case began in March 2025 and later became part of a consolidated set of related lawsuits in the Northern District of California. The parties conducted discovery, consulted experts, and participated in three full-day mediation sessions before reaching the proposed deal. Plaintiffs' lawyers plan to seek up to $70 million in fees, plus up to $600,000 in expenses. The settlement does not resolve separate securities or shareholder cases claiming Apple misled investors about the timing of the Siri rollout. Apple said it settled to remain focused on developing products and services, while maintaining that it has already introduced numerous Apple Intelligence tools.Apple Reaches $250M Deal Over Claims It Overhyped IPhone AI - Law360Bayer has agreed to acquire Perfuse Therapeutics, a San Francisco biopharma company, in a deal worth up to $2.45 billion. The transaction gives Bayer full rights to PER-001, a drug candidate in phase-two clinical development for glaucoma and diabetic retinopathy. Bayer will pay $300 million upfront, with the rest tied to development, regulatory, and sales milestones. Perfuse focuses on treatments that improve blood flow to the retina, with the goal of addressing conditions that can lead to blindness. Bayer said the acquisition strengthens its ophthalmology pipeline and supports its effort to develop new therapies for serious eye diseases.The deal is being handled legally by Baker McKenzie for Bayer, with partners Alan Zoccolillo, Oren Livne, and Jieun Tak leading the team. Goodwin Procter is advising Perfuse. The transaction still needs antitrust clearance and approval from Perfuse shareholders. Bayer is being advised financially by BofA Securities, while Centerview Partners is advising Perfuse. Bayer and Perfuse said glaucoma could affect about 112 million people by 2040, while diabetic retinopathy could affect 160 million people by 2045.Baker McKenzie-Led Bayer To Buy Perfuse For Up To $2.45B - Law360 UKThe California Supreme Court is considering whether drugmakers can be held legally responsible for stopping development of a potentially safer drug while continuing to sell an already-approved medication. The case involves Gilead Sciences and roughly 24,000 HIV patients who took drugs containing tenofovir disoproxil fumarate, or TDF. TDF-based drugs received FDA approval in 2001, but they were associated with possible kidney and bone side effects. Gilead later began developing a related drug, tenofovir alafenamide fumarate, or TAF, which patients say had fewer side effects. The company stopped developing TAF in 2004, arguing that it was not different enough from TDF to justify further investment.The patients claim Gilead delayed TAF for business reasons, including to protect TDF sales and time TAF's release around the expiration of TDF patents. Gilead argues that allowing the negligence claims to proceed would punish companies for researching possible improvements and could discourage innovation. The company says the lower court rulings effectively create a “duty to innovate,” even when the drug already on the market is not alleged to be defective. The patients respond that the case is not about forcing endless research, but about whether Gilead unreasonably delayed a safer alternative for profit. A ruling for the patients could expand product-liability exposure for pharmaceutical companies, while a ruling for Gilead could limit claims based on decisions not to commercialize drugs still in development.California's highest court to consider whether drugmakers have ‘duty to innovate' | Reuters This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.minimumcomp.com/subscribe

Energy buyers to rethink supply lines With energy stocks off recent highs, Jean Ann joins the podcast to discuss what may be ahead and why she believes that cash flow generation at Integrated oil companies, boosted by the higher trading range for crude, make several of them attractive investments. We also discuss longer term impacts from the war, including how we're likely to see more interest in US LNG contracts from more countries, greater interest in building strategic reserves and increased interest in renewables and storage. We detail the compelling outlook for US pipelines, where capex growth was heading higher well before the closure of the Strait of Hormuz. Lastly, we touch on whether we could see significant oil production increases in Venezuela and Iran over the longer term and whether US integrated oil companies are poised to benefit.   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.

In this episode, we discuss central bank meeting takeaways and market implications. We discuss the Fed's and Bank of Canada's shift in tone, plus the groundwork for hikes from the European Central Bank and Bank of England. We also cover the Bank of Japan's delayed hike and the implications for the June meeting. Finally, we recap some recent work across regions on global plumbing and funding markets.   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.  

Please join Sphia Salim in discussion with Aditya Bhave, head of US economics research, Mark Cabana, head of US rates strategy, and Alex Cohen, senior G10 FX strategist. We will review Kevin Warsh's Fed Chair nomination hearing, with a particular focus on his Inflation views, his comments on the Fed's balance sheet, and the potential for a new Treasury-Fed accord. We will also look ahead to the April FOMC meeting and discuss implications for the rates and FX markets. 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.

Please join Ralf Preusser in discussion with Mark Capleton and Meghan Swiber to discuss opportunities in inflation markets. Commodity price swings have been very pronounced since the start of hostilities in the Middle East. We will discuss market dynamics as they have translated into real yields, breakevens, and inflation swaps in sometimes surprising fashion and flag what we consider to be interesting opportunities and market developments.   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.

South Korea emerging as a breakout defense producer Asia's defense transformation is emerging as a compelling and investable growth theme, as the region shifts from import dependence to scaled manufacturing and exports. The region is expanding its role in Western defense supply chains as spending rises as a percentage of GDP. South Korea stands out as a key beneficiary, gaining market share across Europe and the Middle East as expanding, diversified order books improve earnings visibility, supporting a valuation re-rating. With cost advantages, deep industrial capacity, and multi‑year backlogs driven by global rearmament and inventory replenishment, Asian defense companies are positioned for durable, multi‑year returns. Still, geopolitics works both ways and the desire for domestic supply chains will play a role too.   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.

Commodity exposure? There's a region for that Prior to the Middle East conflict, investor sentiment toward Emerging Markets had turned increasingly bullish, driven by momentum and demand for assets positioned for US dollar weakness; while the war in Iran and the effective closure of the Hormuz Strait disrupted that optimism, David Hauner and David Beker argue the structural EM case remains intact. Latin America-particularly Brazil and Argentina-appears well positioned in a world of higher commodity and energy price floors, despite continued energy‑shock risks. Attractive valuations, improving fundamentals, and persistent global underallocation continue to support EM, with Latin America standing out as a key supplier of energy and commodities-Brazil benefiting as an energy exporter amid an easing cycle, and Argentina offering reform‑driven, off‑index upside.   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.

Ralf Preusser was joined in conversation by Bruno Braizinha, Sophia Salim, and David Tinsley on Friday, 10 April 2026, at 9:00 a.m. ET / 2:00 p.m. BST / 3:00 p.m. CEST. The discussion covered the impact of the ceasefire announcement on rates and volatility markets and included a deep dive into the U.S. consumer.   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.