U.S. Treasuries Held by Foreign Official Accounts vs. U.S. Dollar Index A bearish move in the U.S. dollar tends to increase foreign official holdings of U.S. Treasuries. Image: BofA
Earnings Price Yield for S&P 500 Minus Maturity of 10-Year Treasuries This chart suggests that equities are more attractive relative to fixed income. But the equity risk does not disappear because the spread (earnings yield minus Treasury yield) is positive. Image: Bhirud Associates
S&P 500 Minus U.S. Treasuries Returns in Two Years Before/After End of U.S. Recessions This chart suggests that the current episode assumes the U.S. recession ends in June 2020. Image: J.P. Morgan
Gold and U.S. Treasuries Chart suggesting that gold and U.S. Treasuries remain the safe haven of choice. Image: Gavekal, Macrobond
Holdings of U.S. Treasuries as Percent of Treasury Debt Outstanding U.S. domestic investors are buying a lot of U.S. Treasuries, while foreign demand is weakening. Image: Deutsche Bank Global Research
U.S. Treasuries Volatility Curve Short-term periods of inversion have been followed by higher U.S. Treasuries yields and tighter credit spreads. Image: Arbor Research & Trading LLC
Volatility – Bond Proxies and Long-End Treasuries Bond proxies are less attached to Fed policy. This chart shows that the implied volatility of bond proxies is disconnected from long-end Treasuries. Image: Arbor Research & Trading LLC
S&P 500 vs. U.S. Treasuries Despite its all-time high, the S&P 500 is below the Bloomberg Barclays U.S. Treasury Index. Picture Source: Bloomberg
Correlation Between S&P 500 and U.S. Treasuries This chart shows the correlation between stocks and bonds, which could affect a balanced 60/40 portfolio. Image: Arbor Research & Trading LLC
Gold, U.S. Dollar, 10-Year Treasuries Bonds around 10% S&P 500 Declines The chart shows the average performances of gold, U.S. dollar, 10-year Treasury bonds, around S&P 500 corrections of -10% or more since 1976. Image: Wells Fargo Investment Institute