Bank of America Merrill Lynch expects market volatility to intensify

⑴Bank of America believes that: Economic uncertainty and market volatility in the United States may increase, but fiscal and monetary policy support should be able to avoid a recession and maintain corporate profit growth. ⑵Gold and energy prices are expected to rise, especially if oil tanker routes are closed. ⑶The US dollar is expected to strengthen, and US Treasury bonds may outperform the credit market. ⑷Although uncertainty from the midterm elections may prompt investors to increase allocations to non-US assets, global and US economic growth may exceed expectations.