Valuation – Nasdaq 100 Relative to S&P 500 vs. U.S. 10-Year TIPS Yield Historically, it’s good for the U.S. stock market if U.S. real yields remain modestly positive. Image: Goldman Sachs Global Investment Research
TIPS Flows Bye-bye TIPS? TIPS saw their largest outflow since March 2020. Image: BofA Global Research
Performance – FAAMGM Stocks over S&P 500 Index vs. 10-Year U.S. TIPS Yield (Inverted) Will FAAMGM stocks continue to underperform the S&P 500 Index? Image: Morgan Stanley Wealth Management
Gold Price vs. U.S. 5-Year TIPS Yield Generally, when the U.S. 5-year TIPS yield goes up, gold tends to go down. Image: The Daily Shot
U.S. 10-Year Yield and U.S. 10-Year TIPS Breakeven So far, the U.S. 10-year yield and the U.S. 10-year TIPS breakeven continue to follow the historical pattern after global recoveries. Image: Arbor Research & Trading LLC
Inflation – Real Estate Real Dividend Yield vs. TIPS Real Yield Real estate real dividend yields remain attractive relative to TIPS real yields. Image: BofA US Equity & Quant Strategy
Inflation Expectations – U.S. 10-Year TIPS Breakeven So far, the U.S. 10-year TIPS breakeven continues to follow the historical pattern after global recoveries. Image: Arbor Research & Trading LLC
U.S. CPI Swap Rate and U.S. TIPS Breakeven Inflation Is U.S. inflation going to be transitory? Image: BCA Research
Gold Price in US$ vs. U.S. 10-Year Treasury Minus 10-Year TIPS (Inverted) Should investors expect real yields to rise? Generally, gold tends to fall when real yields rise. Image: Topdown Charts
Real Earnings Yield – S&P 500 12-Month Forward Earnings Yield Minus 10-Year TIPS Breakevens Is the S&P 500 real earnings yield now bearish for the U.S. stock market? Image: Topdown Charts