S&P 500 – 1940’s Reflation Analog
S&P 500 – 1940’s Reflation Analog If inflation rises a little and real rates go lower, it could be bullish for stocks. Image: Fidelity Investments
China Credit Impulse – Reflation Cycle
China Credit Impulse – Reflation Cycle This chart shows that China credit impulse has not yet boosted relative earnings. Credit impulse is the change in new credit issued as a percentage of GDP. Image: Fidelity Investments
Commodity Spot Index
Commodity Spot Index Are commodities poised for a new bull market as a reflation play? Image: Bloomberg
U.S. Corporate Profits vs. S&P 500 EPS
U.S. Corporate Profits vs. S&P 500 EPS The current divergence between large-cap profits and the rest of the economy is the widest on record. It is possible to close the gap “down” (recession) or “up” (reflation). Image: BofA Global Research