Volatility – Average VIX vs. Short-Term Rates Levels VIX is expected to remain high in 2023. Image: J.P. Morgan Equity Derivatives Strategy

U.S. ISM Manufacturing Index vs. U.S. 30-Year Mortgage Rate YoY Change The U.S. 30-year mortgage rate YoY change tends to lead the U.S. ISM Manufacturing Index by 19 months. Image: UnderOrion and Macrobond

FMS Investors – Net % Say They Are Overweight Emerging Market Equities Should investors overweight emerging market equities in 2023? Image: BofA Global Fund Manager Survey

History of the U.S. Dollar This chart highlights the rise and fall of the U.S. dollar since 1973. Image: Goldman Sachs Global Investment Research Click the Image to Enlarge  

Inflation – Fed Funds vs. U.S. Core CPI Will the Fed pivot in 2023 if core CPI is significantly lower? Image: Morgan Stanley Research

12-Month Forward S&P 500 Equity Risk Premium The equity risk premium should rise as a recession is likely in the United States. Image: BCA Research

Passive Global Equity Flows Outflows from passive global equity funds are large. Image: BofA Global Investment Strategy

FMS Investors – Net % Say Corporate Earnings Will Improve vs. S&P 500 Consensus Forward EPS Will analysts continue to lower S&P 500 earnings estimates? Image: BofA Global Fund Manager Survey

U.S. Value Flows U.S. value funds saw big outflows. Image: BofA Global Investment Strategy

U.S. Delinquencies, Personal Saving Rate and Unemployment Delinquencies in the United States are on the rise. Is a hard landing coming? Image: BofA Global Investment Strategy