Rolling 12-Month EPS Surprise vs. ISM PMI Are markets too optimistic? Image: Morgan Stanley Research

Gold Returns After Last Rate Hike Should investors sell gold after the last Fed rate hike? Image: BofA Global Investment Strategy

Performance – U.S. Banks vs. Europe Banks Can European banks continue to outperform U.S. banks in 2023? Image: BofA Global Investment Strategy

S&P 500 vs. Russell 2000 – Trailing 12-Month EPS Small cap earnings tend to lead large cap earnings. Image: BofA Global Investment Strategy

U.S. Treasury Bill Yield by Maturity A default by the U.S. government could have significant negative effects on the economy, including financial market disruptions and a loss of faith in the United States by international…

How Many Times Each President Increased the Debt Ceiling? The U.S. debt ceiling has been raised 89 times since 1959. Is this time any different? Image: Carson Investment Research

Japanese Yen vs. Swiss Franc The Japanese yen looks cheap against the Swiss franc. Image: BofA Global Investment Strategy

S&P 500 vs. Overall Liquidity The tightening of liquidity remains a headwind for U.S. stocks. Image: Fidelity Investments

Seasonality – S&P 500 % Change As cash and T-bills currently offer an attractive yield, should investors “sell in May and go away” this year? Image: TS Lombard

Average Mention of Weak Demand per S&P 500 Company Mentions of weak demand during earnings calls are rising to a record level, which is not good news. Image: BofA Global Research

S&P 500 Total Return vs. USD Liquidity Proxy The U.S. liquidity outlook will be a headwind for U.S. stocks in the coming quarters. Image: Steno Research