Global Research Unlocked

Midterms may dominate headlines, but corporate earnings, inflation and interest rates remain the key drivers of US equities. In this episode of Signals & Noise, Savita Subramanian discusses the outlook for stocks and bonds, the implications of higher Treasury yields, and the role of AI-driven productivity in supporting earnings and market performance.

 

"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.

AV adoption is scaling; physical AI broadens the story
Autonomous vehicles appear to be reaching an inflection point, with the focus shifting from proving the technology to scaling fleets, geographies and business models. Fresh off their Bay Area trip to see 15 corporates in the space, Martyn Briggs and Alex Perry discuss rapid growth in robotaxi deployments, falling autonomous ride costs, and the role of AI-native architectures in enabling expansion. And while many listeners have firsthand experience with autonomous ride sharing, Martyn and Alex also discuss their views and recent learnings on AV trucking, which could transform a freight sector dealing with chronic driver shortages. We also discuss why AV progress is important for the physical AI future.

 

"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, Head of Global Research Candace Browning explores how markets are pricing the probabilities that matter most. We discuss why Treasury yields continue to track Federal Reserve expectations more closely than economic data, how tightening inventories and supply disruptions are supporting an emerging agricultural bull cycle, and why Korea’s next growth phase may extend well beyond memory chips into infrastructure, consumer, and healthcare industries. We also examine the rapid evolution of prediction markets, where trading volumes have surged as platforms expand beyond politics into sports, crypto, and other event-driven 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 discussion with Mark Capleton, Evelyn Herrmann, Stephen Juneau and Meghan Swiber. We will discuss the upcoming inflation prints in the Euro Area and the US. In light of the recent run up in commodity prices, inflation is back in the driving seat for central bank reaction functions and as a result rate curves. We will discuss where we see opportunities in rates and inflation 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.

Consumer strength, lower-income spend improving
Much of the consumer survey data suggests that consumers feel squeezed and are increasingly frustrated by inflation, but BAC credit and debit card spending data tells a different, more positive story. And importantly, it's not just higher income consumers who are spending. Recent data has shown improving growth from lower income consumers, even when excluding gasoline. Aditya Bhave, Head of US Economics for BofA Global Research, and Chris Nardone, Hardline and Broadline Retail analyst for BofA Global Research discuss whether other data is telling the same, encouraging consumer story and whether retailers generally agree with this more positive depiction of the US consumer. They also address what's ahead-especially as tariff refunds will be less helpful for companies next year and the consumer faces a winter with high gasoline prices and record diesel/heating oil.

 

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.