Measures of U.S. Underlying Inflation

Measures of U.S. Underlying Inflation Underlying inflation remains subdued, as the U.S. economy is well below full employment. Image: Goldman Sachs Global Investment Research

Inflation – S&P 500 and the CPI YoY Index

Inflation – S&P 500 and the CPI YoY Index The secular chart could suggest a late 1950s pattern. Rising inflation is not necessarily bearish for the S&P 500. Image: BofA Global Research Click the Image to Enlarge

Median CPI Inflation Around Pandemics/Wars

Median CPI Inflation Around Pandemics/Wars Historically, inflation has not risen sharply following pandemics, because pandemics tend to lower aggregate demand. Image: Goldman Sachs Global Investment Research

Inflation vs. S&P 500 YoY Price Returns

Inflation vs. S&P 500 YoY Price Returns Historically, the S&P 500 has generated the highest returns in periods of low single-digit inflation. Image: BofA US Equity & Quant Strategy