S&P 500 Earnings Yield Gap vs. Real 10-Year U.S. Real Treasury Yield U.S. equities look expensive relative to rates. Image: Goldman Sachs Global Investment Research

U.S. Debt Ceiling The U.S. debt ceiling is a crucial issue. FMS investors are confident that the debt ceiling will be resolved. Image: BofA Global Investment Strategy

Treasury General Account Issuance U.S. Treasury issuance is expected to increase after the debt ceiling agreement, which could drain liquidity from the system. Image: Morgan Stanley Wealth Management

Senior Loan Officer Survey and S&P 500 EPS A continued slowdown in earnings growth is expected through the end of the year. Image: Morgan Stanley Research

U.S. Job Openings vs. U.S. Implied Earnings Growth The decline in U.S. job openings may not bode well for earnings growth. Image: Morgan Stanley Wealth Management

Inflation – Fed Funds Rate and CPI Will the Fed pause its rate hikes? Historically, Fed’s tightening cycles have ended when the federal funds rate is above CPI. Image: Carson Investment Research

Inflation – Core U.S. CPI and Real Annualized Total Return for the S&P 500 U.S. core inflation above +0.2% MoM typically does not bode well for S&P 500 real returns. Image: Deutsche Bank

S&P 500 FY2 EPS Revision Sentiment Will S&P 500 FY2 EPS revision sentiment continue to improve? Image: Goldman Sachs Global Investment Research

Discretionary Investor Equity Positioning vs. S&P Global Composite PMI Discretionary investor equity positioning is not reacting to changes in the global composite PMI. Image: Deutsche Bank Asset Allocation

U.S. Initial Jobless Claims U.S. initial unemployment claims are rising in states with tech and banks. Image: BofA Global Investment Strategy

U.S. 1-Month T-Bill Yield U.S. Treasury bills (T-bills) have been hit by concerns over the U.S. debt ceiling. A default by the U.S. government on its debt would have serious and prolonged financial and economic…