the flow show-From Zero to Hero

Trading ideas and investment strategies discussed herein may give rise to significant risk and are not suitable for all investors. Investors should have experience in relevant markets and the financial resources to absorb any losses arising from applying these ideas or strategies. >> Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analyst under the FINRA rules. Refer to "Other Important Disclosures" for information on certain BofA Securities entities that take responsibility for the information herein in particular jurisdictions. BofA Securities does and seeks to do business with issuers covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Refer to important disclosures on page 10 to 12. 12890981 The Flow Show From Zero to Hero Scores on the Doors: gold 56.2%, stocks 19.7%, bitcoin 16.9%, IG bonds 10.3%, HY bonds 9.3%, govt bonds 7.3%, commods 6.6%, cash 3.5%, US$ -8.8%, oil -13.8% YTD. Zeitgeist: “10-year Treasury yields down 20bps since beginning of US government shutdown, so maybe it’s something the Brits and French could try?” The Biggest Picture: in 24 months after Lehman bankruptcy 313 global central bank rate cuts as US nominal GDP fell 2.5% peak-to-trough during GFC; in past 24 months 312 global rate cuts at the same time as US nominal GDP up 11% (Chart 2)...little wonder world positioned for booms, bubbles and debasement. Tale of the Tape: gold froth knocked…gold inflows past 4 months greater than inflows of prior 14 years, and tough to press debasement trades when 10-year yield below 4%, US ran budget surplus in Sept (Chart 3), US dollar can’t break below April low (DXY 98). The Price is Right: since One Big Beautiful Bill signed in July zero-coupon Treasury bonds (ZROZ 10.7%) have paced Nasdaq (10.7%), bested S&P 500 (8.5%); if Sept CPI 3% and yields continue to bleed lower, bond vigilantes likely to capitulate. Chart 2: Number of global rate cuts past 24 months almost at post-GFC high Global central bank policy rate cuts: 2-year cumulative Source: BofA Global Investment Strategy, Bloomberg BofA GLOBAL RESEARCH More on page 2… Aug'10313 cutsNov'20255 cutsSep'25312 cuts050100150200250300350'01'03'05'07'09'11'13'15'17'19'21'23'25Global central bank policy rate cuts (24-month cumulative)23 October 2025 Investment Strategy Global Michael Hartnett Investment Strategist BofAS +1 646 855 1508 michael.hartnett@bofa.com Elyas Galou >> Investment Strategist BofASE (France) +33 1 8770 0087 elyas.galou@bofa.com Anya Shelekhin Investment Strategist BofAS +1 646 855 3753 anya.shelekhin@bofa.com Myung-Jee Jung Investment Strategist BofAS +1 646 855 0389 myung-jee.jung@bofa.com Chart 1: BofA Bull & Bear I