Capital Market Outlook
April 12, 2021
IN THIS ISSUE
- Macro Strategy — Reflation Tailwinds Also Give Boost To Oil Prices: A high correlation with inflation favors energy stocks as potential defense against the declining value of money.
- Global Market View — The Reprieve from Geopolitics Is Over: The geopolitics of U.S.-China relations remain key to market expectations and returns.
- Thought of the Week — American Exceptionalism, with a Caveat: While the latest U.S. fiscal stimulus argues for this trend to continue, uneven growth risks truncating the global economic recovery.
Important Disclosures
All data, projections and opinions are as of the date of this report and subject to change.
The Chief Investment Office (CIO) provides thought leadership on wealth management, investment strategy and global markets; portfolio management solutions; due diligence; and solutions oversight and data analytics. CIO viewpoints are developed for Bank of America Private Bank, a division of Bank of America, N.A., (“Bank of America") and Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S" or “Merrill"), a registered broker-dealer, registered investment adviser and a wholly owned subsidiary of Bank of America Corporation.
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