Valuation – S&P 500 Forward P/E Multiple and First Hike of Fed Tightening Cycle Historically, the S&P 500 forward P/E remains flat in the 6 months before and after the start of the first Fed hike. Image: Goldman Sachs Global Investment Research
Monthly Outperformance of NYFANG Over ACWI and ECB QE Total Is the shock of central bank tightening in Europe and Japan the most underappreciated risk this year? Image: BofA Global Investment Strategy
Fiscal Impulses in the Euro Area The fiscal impulse in the euro area is expected to remain expansionary. Image: Goldman Sachs Global Investment Research
Stocks – China Credit Impulse and China Stock Prices Relative to EM (Leading Indicator) China credit impulse tends to lead Chinese stock prices relative to EM by one month. Image: Alpine Macro
Stocks – Performance of Select Investment Strategies Should investors favor high growth and high margin stocks in 2022? Image: Goldman Sachs Global Investment Research
Average Gold Returns by Interest Rate Regime Generally, the price of gold tends to suffer with rising real yields. Image: Goldman Sachs Global Investment Research
Post-GFC Fed Balance Sheet Phases, Fed Funds, UST 10-Year and the S&P 500 Can U.S. stocks survive the Fed’s tapering and rate hikes? Image: Deutsche Bank
U.S. Dollar Broad Trade Weighted Index Surrounding FED Tightening Cycles Will the U.S. dollar weaken after the Fed starts tightening monetary policy? Image: Deutsche Bank
Returns – Years Following S&P 500 Price Gain > 27% Since WWII, when the S&P 500 is up more than 27% at the end of the year, the following year tends to be bullish for U.S. stocks. Image: Fundstrat Global Advisors, LLC
Valuation – S&P 500 Forward P/E Around First Fed Hikes Historically, the S&P 500 forward P/E remains flat around first Fed hiking cycles. Image: Goldman Sachs Global Investment Research
EM Stocks – Chinese Stock Prices Relative to EM Should investors expect a rebound in Chinese stocks? Image: Alpine Macro