Valuation – Russell 1000 Growth vs. Russell 1000 Value Relative PE-to-Growth Should U.S. equity investors still continue to favor value over growth stocks? Image: BofA US Equity & Quant Strategy

Economic Composite Index vs. S&P 500 EPS YoY % Change U.S. economic activity is highly correlated with S&P 500 earnings growth. Should U.S. equity investors be worried? Image: Real Investment Advice

1-Month Change in Sector Wise Short Interest Should investors continue to underweight the communication services and consumer discretionary sectors? Image: Deutsche Bank Asset Allocation

U.S. GDP, Inflation and Unemployment – FOMC Economic Projections The Fed is forecasting an unemployment rate of 4.6% in 2023. Image: The Daily Shot

South Korea Exports vs. MSCI World EPS South Korea’s exports tend to lead global earnings. Image: J.P. Morgan

Earnings – S&P 500 Net Income Growth and Fed Funds Rate Fed rate hikes suggest an earnings recession. Image: Morgan Stanley Wealth Management

Spread Between Highest and Lowest Year-End Strategist Price Targets for S&P 500 Market strategists’ price targets for the S&P 500 show a very wide dispersion. Image: Morgan Stanley Wealth Management

U.S. 10-Year Treasury – Returns +/- One Year Around Final Fed Hike Will U.S. 10-year Treasury yields fall in 2023, once the Fed stops raising rates? Image: BofA Research Investment Committee

Annual Global IG Returns Will global IG corporate bonds offer positive returns in 2023? Image: BofA Global Research

Measures of Broad-Based U.S. Inflation Does the Fed still have a long way to go to get inflation down? Image: Deutsche Bank

Sentiment – Consecutive Weeks of Negative Bull-Bear Spread Negative sentiment persists among investors. Image: Deutsche Bank Asset Allocation