Monetary Policy and Fed Funds Rate According to market rates, monetary policy is more neutral than accommodative. Image: Danske Research

S&P 500 Realized Volatility by Year 2020 volatility estimate of 14.7 is above the median, but below the mean (data from January 1929 to December 2019). Image: Goldman Sachs Global Investment Research

Global Equity Flows A lot of investors are chasing returns, driving stocks higher. Image: Deutsche Bank Asset Allocation

S&P 500 Earnings and Net Buybacks Buybacks have been trending lower over the last two quarters. Deutsche Bank expects buybacks to slow to $625bn in 2020. Image: Deutsche Bank Asset Allocation

PCE Inflation vs. Output Gap (Leading Indicator) Positive output gap suggests higher core inflation next year. Image: NBF Economics and Strategy

Adoption Rates of Cryptocurrencies and Internet Deutsche Bank predicts cryptocurrencies could eventually replace fiat money over the next decade. Image: Deutsche Bank Forecasts

S&P 500 Operating Earnings and NIPA Corporate Profits Goldman Sachs expects S&P 500 margins to rise slightly in 2020. Image: Goldman Sachs Global Investment Research

Fiscal Impulses in Japan and the Eurozone Japan and the eurozone are expected to benefit from significant fiscal stimulus next year. Image: Gavekal, Macrobond

China GDP Growth Over the Next Five Years China real GDP growth is expected to continue to decline in the coming years. Image: Danske Research

NBER Recession Dating vs. Market Realization Chart showing the monthly lag between the economic peak and the NBER announcement. NBER announcements don’t really help investors. Image: Real Investment Advice