Inflation – MSCI ACWI Energy vs. Consumer Discretionary Price Relative Historically, real assets tend to perform well in inflationary environments. Image: BofA Global Investment Strategy
Consumer Confidence Composite and S&P 500 Rising asset prices still do not translate into higher consumer confidence. Image: Real Investment Advice
Valuation – S&P 500 Next 12 Months P/E Ratio vs. University of Michigan Consumer Expectations Index The valuation of the S&P 500 remains high as consumer expectations fall. Image: Morgan Stanley Wealth Management
Conference Board Consumer Confidence and U.S. Treasury Yield Curve Historically, the U.S. Treasury yield curve tends to follow U.S. consumer confidence. Image: Morgan Stanley Wealth Management
U.S. Consumer Sentiment vs. Consumer Spending Americans continue to spend despite rising prices. Image: J.P. Morgan Asset Management
Fed Funds Rate Less Year-Over-Year Change of Consumer Price Index The difference between the fed funds rate and the CPI is the largest on record. Image: Morgan Stanley Wealth Management
Consumer Confidence and U.S. 10Y-2Y Yield Curve Historically, the U.S. 10Y-2Y Treasury yield curve tends to follow U.S. consumer confidence. Image: Nordea and Macrobond
Inflation – Headline Consumer Price Index, Non-Reopening Components, Energy and Reopening Components Reopening and energy contribute the most to inflation. Image: Morgan Stanley Wealth Management
Share of Monthly Consumer Payments in Cash in the U.S. The coronavirus pandemic has accelerated the decline in cash payments in the United States. Image: Alpine Macro
S&P 500 Index vs. Conference Board Consumer Confidence Index The S&P 500 Index and consumer sentiment have diverged since July 2021. Should investors expect market weakness? Image: Morgan Stanley Wealth Management