November 2025
In Section I, Doug explains how the sharp upward revision to second-quarter consumption in the final GDP estimate has reduced our recession conviction and could lead us to abandon our recession call altogether. The situation is fluid, though, as typified by the striking weakness of stocks in consumer-facing and cyclically exposed subindustries. In Section II, Doug and Global Investment Strategy’s Miroslav Aradski consider the implications of the AI investment boom.
Interested in the Executive Summary of this report?
Get instant access to this Executive Summary from BCA Research.
BCA Research | The Bank Credit Analyst
Concise macro insight that cuts through daily noise, helping clients stay informed on what matters in markets, why it matters, and how to talk about it, without spending hours reading research.
Topics
Stay Connected with BCA
Get our latest events and research insights delivered to your inbox.