CTAs Exposure to Bonds CTAs’ overall allocation to bonds sits in the 8th percentile, indicating little appetite for rates risk. Fixed income is simply not where they want exposure right now. Image: Deutsche Bank Asset Allocation
Bond Volatility – MOVE Index With the MOVE index trending lower, U.S. rate volatility has cooled, which brings a dose of relief to bond desks and, by extension, the economy. It’s definitely a welcome breather for the markets. Image: The Daily Shot
Valuation Percentile for Equity, Credit and Bond Valuations matter more over the medium term than in the moment. In years like 2025, robust growth let markets climb anyway, powered by rising profits despite high price tags. Image: Goldman Sachs Global Investment Research
Bond Fund Flows (Last 4 Weeks) Bond funds keep drawing strong inflows as investors look for yield and stability in a world of moderating inflation and lingering uncertainty. Image: Deutsche Bank Asset Allocation
7-10 Year Government Bonds, Total Return in US$ Since the tech war began, Chinese government bonds have outperformed their U.S., German and Japanese counterparts, delivering higher total returns in recent years. Image: Gavekal, Macrobond
Performance – Equities, Bonds and Commodities Equities have held up with surprising strength in 2025, buoyed by solid earnings, rapid AI growth, and easy monetary policy, leaving bonds and commodities trailing behind. Image: Goldman Sachs Global Investment Research
S&P 500 vs. Gold and S&P 500 vs. Bonds (Total Return) U.S. stocks look pricey next to bonds—but measured against gold, it’s not mania, it’s money insurance. Investors are hedging debasement and inflation, not chasing a 2000-style bubble. Image: Gavekal, Macrobond
Returns – Global Equities vs. Global Bonds vs. Gold vs. World Portfolio Since 1950, the world portfolio has earned a real 4.1% annual return — global equities led with 7.3%, gold lagged at 2.5%, and global bonds barely reached 1.8%. The long-run verdict is clear: equities have won. Image: Goldman Sachs Global Investment Research
U.S. Households’ Allocation to Equity, Bond and Cash Americans have never been so invested—literally—in the market, with household equity allocations at all-time highs, a boom shadowed by warnings of how sentiment can sour overnight. Image: Goldman Sachs Global Investment Research
Asset Bubbles – Bitcoin, Equities and Bonds While caution is always warranted and some assets look frothy, extreme market bubbles are not apparent right now—though pockets of overvaluation do remain. Image: Deutsche Bank Research
Bond Seasonality – Monthly Median Return on Global 10y+ Goverment Bonds Long-term government bonds globally face a challenging September due to seasonality and ongoing geopolitical and economic uncertainties, reinforcing historical trends of September being their worst-performing month annually. Image: Bloomberg