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From:"Paul Morris" To:<[email protected]> Subject:CIO Viewpoint: Doves Flying — Yields Sighing — Equities Rising Date:Wed, 03 Apr 2019 16:37:46 +0000 Merrill Lynch Merrill Lynch Viewpoint Chief Investment Office In this month's Viewpoint, our Chief Investment Office L„,:]Photo highlights the belief that the recent inversion of the bond market yield curve is more a "head fake" than a signal that recession is imminent. We believe the pause in economic growth may continue over the next couple of months amid numerous concerns, but that this "wall of worry" prevents investors from getting overly optimistic. Our view implies the likelihood of further gains for equities in the next 12 months. We continue to overweight them and would be buyers on weakness— Paul Morris particularly in between earnings seasons. Managing Director Private Wealth Manager You can read more in the new Viewpoint, Merrill Private Wealth Management "Doves Flying — Yields Sighing — Equities Rising " and ONE BRYANT PARK follow up with us on any questions that you have. STE 28TH FLOOR NEW YORK, NY 10036 Sincerely, Paul EFTA01033996 This material was prepared by the Chief Investment Office (CIO) and is not a publication of BofA Merrill Lynch Global Research. The views expressed are those of the CIO only and are subject to change. This information should not be construed as investment advice. It is presented for information purposes only and is not intended to be either a specific offer by any Merrill or Bank of America entity to sell or provide, or a specific invitation for a consumer to apply for, any particular retail financial product or service that may be available. Global Wealth & Investment Management (GWIM) is a division of Bank of America Corporation. 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