Global Research Unlocked

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...

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 Galb...

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,...

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 t...

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 ma...

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...

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, featuri...

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...

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 region...

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...

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 affec...

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...

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 market...

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 Ap...

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 intere...

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...

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 conversa...

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....

Equities drop but S&P earnings resilient for now Global markets are recalibrating as higher energy prices shift the macro outlook and force a reassessment of growth and inflation. Our commodity strategy team raised forecasts for oil prices and other commodities due to Middle East supply challenges, leading the Global Economics team to lower their global growth estimates. While higher oil price...

Please join Ralf Preusser in conversation with G10 rates and FX trading to discuss positioning and market liquidity. In this podcast Ralf and team will discuss how liquidity and positioning unwinds have contributed to considerable gyrations in FX and rates markets.    You may also enjoy listening to the Merrill Perspectives podcast, featuring conversations on the big stories, news and trends affec...

Structural drivers of card networks charge ahead The card networks have historically been considered among the best and highest quality business models in public markets. But more recently, the card network stocks have de-rated as investors have grown concerned about perceived threats, from legislation to AI. Matt O'Neill recently reinstated coverage of the payments group and he joins the podcast...

Please join Ralf Preusser in conversation with Ralph Axel, Katie Craig and Ebrahim Poonawala on US banks. The call will take place on Fri 20 March at 10 am ET, 2 pm GMT, 3 pm CET. We will discuss US bank liquidity regulations and the impact on bank behaviour, reserve and UST demand, Fed balance sheet and rates.   You may also enjoy listening to the Merrill Perspectives podcast, featuring conversat...

Please join Ralf Preusser in conversation with Bruno Braizinha, Mark Cabana, and Sphia Salim. The conflict in Iran is a negative supply shock for much of the global economy via higher oil prices. Central banks face a deteriorated trade-off between growth and inflation. That trade off differs meaningfully across major markets, as does the repricing we have seen in rate markets. We discuss where we...

Lower tax payments shift stimulus later into 1H26 We're in the midst of tax season, and BAC data helps us track changes in refunds, payments, and the impact on spending. Refund growth is in the high single digits y/y, but lower tax payments bring total stimulus closer to the ~25% increase we had been expecting. Aditya Bhave explains how lower payments shift the timing of benefits, potentially exte...

Banks confront renewed private credit and AI-driven risks Private credit has remained a persistent concern for banks, and recent events have brought those worries back into focus. At the same time, new fears around AI-driven competition and potential credit deterioration have weighed on the group. Ebrahim Poonawala joins us to discuss how management teams addressed these issues at the recent BofA...