Global Research Unlocked

By BofA Global ResearchBusiness Investing

Global Research Unlocked episodes

September 30, 2022 The Great Rebalance of the Labor Market
Why are labor markets so strong and when will wage gains finally slow?
The reopening of the economy led to another leg higher in labor demand and even as some jobs related to the movement of goods have become redundant, demand from services industries, which tend to be more labor intensive, kept labor tight. Adding to the wage strength, job switchers tended to get the biggest raises. But with much of the reopening behind us and with the Fed aggressively raising rates, Michael Gapen joins us to discuss what's ahead for labor, whether there's room for labor supply to rise from here and whether wages may be more stubborn this cycle.
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.
©2022 Bank of America Corporation. All rights reserved.
20 min
September 27, 2022 Building Up Power Infrastructure to Cut Down Prices
Can the Inflation Reduction Act live up to its ambitious name?
The IRA or Inflation Reduction Act passed last month is the largest climate and energy package in U.S. history. It earmarks nearly $370 billion in spending towards renewable energy. And while the benefits for residential solar are fairly clear, here we focus on the impact to utilities and the impediments and pitfalls around the energy transition. Julien discusses why corporate and industrial customers may be a critical force behind the transition, the role of nuclear and hydrogen, the need for transmission and pipeline infrastructure and what all of this could mean for power 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.
©2022 Bank of America Corporation. All rights reserved.
22 min
September 19, 2022 Thoughts on Crypto and Digital Assets: Macro risks and Ethereum’s Merge in focus
Uncertainty remains as buying momentum and Ethereum Merge optimism fade
Buying momentum in the digital asset sector is fading as investors rotate defensively into stablecoins, likely due to uncertainty around the bear-market bounce's sustainability and potential for a hard recession. Alkesh explains the implications of Ethereum's Merge upgrade, which is likely to occur around September 15th.

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.
©2022 Bank of America Corporation. All rights reserved.
6 min
August 12, 2022 Wireless carriers offering a critical service, promise of 5G at low multiples
5G benefits in the future, critical service now
Telecom companies provide a service to consumers that’s basically a utility. But over the past few quarters, telecom stocks have traded close to all-time lows on a P/E basis. David Barden joins us to discuss how networks have improved to the point where there’s much less differentiation and many customers are bringing their own device, all of which has upped the competitive quotient. Still, wireless companies have spent billions on 5G while much of the revenue opportunity is still ahead. And fixed wireless broadband has boomed, now accounting for about 100% of net retail broadband adds from close to 0% in early 2021. It’s a product that offers a compelling trade down option for many consumers. 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.
©2022 Bank of America Corporation. All rights reserved.
21 min
August 08, 2022 European energy situation may mean the gloom endures well past winter
EU gas likely to remain tight for years, a persistent issue for industries and consumers
High prices have already destroyed about 10% of European gas demand but curtailed flows from Nord Stream 1 could require another 10% decline in gas use. Industrial demand is likely to take the biggest hit from these curtailments and we look at the Aerospace and Defense industry specifically to understand how various parts of it may be impacted. Europe has already committed to using other sources of energy, from LNG (liquid natural gas) to renewables, but this will take time and in the interim, many European companies will be forced to find their own solutions, which may include moving production from Europe. 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.
©2022 Bank of America Corporation. All rights reserved.
18 min
July 29, 2022 Suburbs offering more space, but neither housing nor the entrees come cheap
Migration trends could shift again as cost of living benefits for popular post-COVID cities vanish
During the pandemic, homebuyers left urban centers for the suburbs, particularly Sunbelt regions, in pursuit of a lower cost of living and attractive climates. The impact on real estate prices has been widely discussed, but the population shift also created a greater demand for services such as restaurants. Local businesses didn’t have the staff to serve these new customers even as there was often a surplus of labor in the urban core, and this contributed to the imbalanced labor market we’re experiencing. Now with surging prices of homes and services in some of these areas, there may be less of a cost of living benefit to moving. And if fewer people are moving, we discuss what that could mean for sales of home related goods. 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.
©2022 Bank of America Corporation. All rights reserved.
15 min
July 21, 2022 Energy underinvestment breeding supply issues but demand now in question
Oil drivers go well beyond potential slackening demand
A further slowdown in the US, potential interruptions in Europe's gas supply, gasoline demand destruction in the work from home era, an SPR (strategic petroleum reserve) that needs to be refilled, there are a number of competing forces impacting oil and Francisco joins us to discuss how he believes they may influence price. Should Russia curtail gas supplies to Europe, the European economy may slow further but a scarcity of gas and power could also boost demand for alternative power sources, like diesel. Over the longer term, though, energy demand will face challenges as the world transitions to EVs and the peak for transportation fuel demand isn't that far off, something that will impact investment in new capacity and and eventually demand.
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.
©2022 Bank of America Corporation. All rights reserved.
22 min
June 28, 2022 Thoughts on Crypto and Digital Assets: Web3 Adoption vs Price Volatility
Separating Web3/Digital Assets adoption from price volatility
The current shakeout of the digital asset sector is ultimately likely to be healthy for the industry. Despite the market state, we believe focus should be on the tokens that power blockchains and on applications with strong user adoption, developer activity, clear use cases and roadmaps to cashflow and profits. Also, stablecoins have the ability to coexist with potential central bank digital currencies, and non-fungible tokens (NFTs) are moving beyond just art and collectibles. In this episode, Alkesh explains what the digital asset sector's price volatility means and how the digital asset space is continuing to evolve. 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.
©2022 Bank of America Corporation. All rights reserved.

7 min
June 24, 2022 Smarter devices require more semis, cyclical concerns provide opportunity
Semis remain cyclical but secular strength should capture market focus again
Over the past decade, semiconductors (semis) have outgrown electronics on rising content and semiconductor growth has outpaced GDP by 2-3x. Looking ahead, Vivek expects semis to continue to outgrow GDP on rising content and pricing. And yet, semis are still cyclical, something which the market is focused on presently, and exposed to inventory cycles and demand destruction from economic downturns. Vivek Arya joins to explain why semis are less hyper cyclical than in the past, what a recession could mean for earnings estimates, where surpluses are present and when shortages in other areas should lessen. And just because markets have fallen, doesn't mean the compelling reshoring story is over - that's another long term positive. 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.
©2022 Bank of America Corporation. All rights reserved.

16 min
June 13, 2022 Staples facing pressure as pricing and trade-up face limits
Staples companies looking a bit less defensive against this inflationary backdrop
The Consumer Staples index recently logged it's 4th worst session in history suggesting the narrative on Staples is changing. A stretched consumer and pressure on discretionary sales is prompting some retailers to push back on price increases from staples companies and pushing some consumers to trade down. Bryan joins T.J. Thornton and Consumer Sector Specialist Michael Dick, who is not part of the BofA Global Research department, to discuss how high inflation is impacting consumer packaged goods companies (CPG), whether the Consumer Staples sector can still be considered defensive in this environment and whether this may all contribute to more M&A. Ultimately, Bryan believes staples aren't as well positioned as they've been in the past but pricing tiers and segments will help determine which companies handle this environment best. 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.
©2022 Bank of America Corporation. All rights reserved.
18 min

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