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Investment Strategy Overview

The Chief Investment Office (CIO) outlook on the economy, the markets, investment trends, portfolio considerations and asset-class weightings.

 

 

The Great Pivot

The Chief Investment Office sees recent whispers by Federal Reserve officials as early stages of another great pivot on the part of the central bank, with the yield curve, especially long-term yields and the dollar, potentially providing clues to its timing.

 

“As the U.S. corporate earnings base surprises to the upside, as we expect, equity valuations should become more fairly valued, setting up another move higher in the broad indices in the next nine to 12 months. This is not expected to be a smooth straight line without uncertainty." —Christopher Hyzy, Chief Investment Officer, Merrill and Bank of America Private Bank

 

 

Important Disclosures

 

Opinions and data are as of the date of this report and are subject to change.

 

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

 

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 (“BofA Corp.").

 

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 in the best interest of all investors.

 

Asset allocation, diversification and rebalancing do not ensure a profit or protect against loss in declining markets.

 

Investments have varying degrees of risk. Some of the risks involved with equity securities include the possibility that the value of the stocks may fluctuate in response to events specific to the companies or markets, as well as economic, political or social events in the U.S. or abroad. Bonds are subject to interest rate, inflation and credit risks. Treasury bills are less volatile than longer-term fixed income securities and are guaranteed as to timely payment of principal and interest by the U.S. government. Investments in foreign securities (including ADRs) involve special risks, including foreign currency risk and the possibility of substantial volatility due to adverse political, economic or other developments. These risks are magnified for investments made in emerging markets. Investments in certain industry or sector may pose additional risk due to lack of diversification and sector concentration.

 

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