1. More bullish than consensus on 2026 US GDP growth, helped by tax changes, fiscal stimulus and Fed cuts.
2. No AI bubble yet. AI spend is already lifting GDP and they do not see bubble type instability in core US tech.
3. Constructive on EM with a weaker USD, lower rates and lower oil giving a solid backdrop.
4. More bullish than consensus on 2026 China GDP after the Trump–Xi meeting and new policy stimulus.
5. Muted S&P returns. They see about 14% EPS growth in 2026 but only 4–5% price appreciation, with strength coming from a broad capex cycle.
6. US needs lower inflation, so they favor long Treasuries in 1H26.
7. Expect roughly flat long rates and US home prices. BofA has the 10Y ending 2026 around 4.0–4.25 percent with limited home price gains.
8. Expect higher volatility as the impact of AI on growth, inflation and capex becomes clearer, plus other macro shocks.
9. Private credit returns likely lower in 2026, so they prefer high yield over private credit.
10. Copper set to perform on tight supply and strong demand, with base metals still supported into 2026.