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Capital Market Outlook

May 18, 2020

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May 18, 2020


  • Macro Strategy — A Wake-Up Call Numerous factors suggest rising global public-health risks, including pandemics. This may have implications for growth and investment patterns but we believe the U.S. is well-positioned to benefit given its competitive advantage in advanced technology, large domestic market, and room to potentially benefit standards of living.
  • Global Market View — From Hospital Wings to the West Wing:  COVID-19's Influence on the U.S. Election While there is a high degree of uncertainty as to the extent of the pandemic's impact on the upcoming U.S. election, current circumstances could move the goal posts.
  • Thought of the Week — Negative Feedback Loop in the U.S. Economy Likely to be AvertedThe U.S. fiscal-policy programs enacted in response to the current pandemic are likely to limit the extent and duration of the current recession.

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Important Disclosures


This material was prepared by the Chief Investment Office (CIO) and is not a publication of BofA Global Research. The views expressed are those of the CIO only and are subject to change. This information should not be construed as investment advice. It is presented for information purposes only and is not intended to be either a specific offer by any Merrill or Bank of America entity to sell or provide, or a specific invitation for a consumer to apply for, any particular retail financial product or service that may be available.


Global Wealth & Investment Management (GWIM) is a division of Bank of America Corporation. The Chief Investment Office, which provides investment strategies, due diligence, portfolio construction guidance and wealth management solutions for GWIM clients, is part of the Investment Solutions Group(ISG) of GWIM.


Investing involves risk, including the possible loss of principal. Past performance is no guarantee of future results.


All recommendations must be considered in the context of an individual investor’s goals, time horizon, liquidity needs and risk tolerance. Not all recommendations will be suitable for all investors.


Bank of America, Merrill, their affiliates and advisors do not provide legal, tax or accounting advice.


You should consult your legal and/or tax advisors before making any financial decisions.


Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp.”). MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp.


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A Merrill Contribution
Capital Market Outlook
Capital Market Outlook
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