S&P 500 Performance and Discretionary Retail Spending (Leading Indicator) The performance of the S&P 500 tends to lead discretionary retail spending by 9 months. Image: TS Lombard
U.S. Defense Spending as a % of GDP The U.S. defense budget is expected to increase significantly. Image: BofA Research Investment Committee
Effect of Fiscal Spending on the Level of U.S. GDP Fiscal support in the United States is expected to decline significantly. Image: Goldman Sachs Global Investment Research
Commodities – Commodity Price Shock, Percent of Consumer Spending The commodity price shock on consumers is not yet at the level of the 1970s. Image: Goldman Sachs Global Investment Research
Impact on U.S. Consumer Spending If Oil Prices Rise to $120 If oil prices remain elevated, will the Fed raise interest rates more gradually than markets expect? Image: J.P. Morgan Asset Management
U.S. Consumer Sentiment vs. Consumer Spending Americans continue to spend despite rising prices. Image: J.P. Morgan Asset Management
U.S. GDP – Biden Spending Proposals and Congress Congress should approve at least 1% in GDP of Biden spending proposals. Image: Goldman Sachs Global Investment Research
Consumer Spending Growth Since WWII Consumer spending is expected to increase significantly in 2021. Image: Oxford Economics
U.S. Consumer Spending – Comparison of Spending Between March 2021 and February 2020 Travel spending remains low, while goods spending across sectors are well above pre-pandemic levels. Image: BofA Global Research
S&P 500 Performance and Total Public Infrastructure Spending Historically, increases in public infrastructure spending have been countercyclical to the performance of the S&P 500. Image: Morgan Stanley Research