When Do You Expect the Next U.S. Recession to Start? Will the next U.S. recession start in 2H 2023? Image: J.P. Morgan

Sentiment – NAHB Home Builder Optimism Index U.S. home builder sentiment improved for the fourth consecutive month in April, which is good news for the housing market. Image: The Daily Shot

Net % of FMS Investors Overweight U.S. Equities vs. Bonds FMS relative positioning in stocks vs. bonds remains low. Image: BofA Global Fund Manager Survey

U.S. Real Rates U.S. real rates remain above the 20-year average. Image: J.P. Morgan

U.S. Dollar and U.S. vs. Emerging Market Stocks When the U.S. dollar is weak, emerging market stocks tend to outperform U.S. stocks. Image: BofA Global Investment Strategy

U.S. Dollar Index The U.S. dollar has generally shown a tendency to rebound after hitting major support levels. Image: The Daily Shot

Volatility and Macro Variables Macro variables pointing to a decrease in rates volatility are good news. Image: Goldman Sachs Global Investment Research

Recessionary Bear Markets – S&P 500 Total Return Recessionary bear market lows can present good buying opportunities for long-term investors. Image: BofA Research Investment Committee

Volatility – VIX and U.S. 1-Year Sovereign CDS The U.S. debt ceiling circus could lead to volatility in financial markets. Image: Goldman Sachs Global Investment Research

Bottom-Up S&P 500 EPS Revision Will the earnings season drive the S&P 500 up or down? Image: BofA US Equity & Quant Strategy

Fed Funds Rate vs. Recessionary Bear Market Lows Fed rate cuts are historically not bullish for the S&P 500. Image: BofA Research Investment Committee