Global Monetary Policy Stimulus and Global Manufacturing PMI The dominant macro theme for 2026 is a global growth rebound, fueled by two years of aggressive monetary easing that have laid the groundwork for renewed economic momentum worldwide. Image: Topdown Charts
Global Monetary Policy Map So far, global central banks remain firmly in a tightening mode. Image: Topdown Charts
Monetary Policy – China vs. U.S. Homebuilders China and the United States are expected to diverge on monetary policy this year. Image: BofA Global Investment Strategy
Fiscal and Monetary Policy – S&P 500 Real Total Return vs. the Fed Balance Sheet This chart shows the S&P 500 Real Total Return vs. the Fed balance sheet since 1937. Image: Fidelity Investments
U.S. Monetary Policy, Term Premium and Yield Curve This chart suggests when U.S. monetary policy is too tight or too loose. An inverted yield curve is a sign that monetary policy is too tight. Image: Fidelity Investments
Emerging Markets Monetary Policy vs. Economic Cycle (Leading Indicator) Chart suggesting that EM monetary policy easing is likely to increase economic activity in the coming months. Image: Topdown Charts
China’s Monetary Policy The Chinese banks’ reserve requirement ratio will be cut by 50 bps on January 6, to 12.5%. Image: Bianco Research
Monetary Policy and Fed Funds Rate According to market rates, monetary policy is more neutral than accommodative. Image: Danske Research
VIX and Fed Monetary Policy This year, the VIX average has been similar to 2018, despite Feds’ policy U-Turn in January. Image: BofA Merrill Lynch Global Research
G4 Central Banks Monetary Policy Rate If the trend in G4 central banks monetary policy rates continues, this chart suggests that we could see -4% in 2030. Image: Nordea and Macrobond
U.S. Monetary Policy and Recession This chart shows the U.S. monetary policy and two recession forecasting models over time (Fed policy rate, Atlanta Fed shadow Fed funds rate, nominal R-Star, Fed funds curve). Image: Fidelity Investments