U.S. Debt Ceiling If Congress fails to raise the debt ceiling, it is probable that the U.S. Treasury will not be able to pay its bills completely and promptly in early June 2023. Image: Goldman…

FMS Investors – Net % Overweight Real Estate FMS investors continue to have a pessimistic outlook on the real estate market. Image: BofA Global Fund Manager Survey

Valuation – S&P 500 PE vs. Liquidity Deteriorating liquidity may be a significant headwind for the S&P 500. Image: Longview Economics

S&P 500 Fair Value According to BofA, the fair value of the S&P 500 is 3,911 by year-end 2023 (bear case, based on the most bearish model). Image: BofA Global Research

Rolling Fed Hikes/Cuts Over the Last 12 Months and Recessions When the Fed increases interest rates too quickly or aggressively, it can lead to a recession. Image: Deutsche Bank

Mega-Cap Growth Stocks vs. S&P 500 Will artificial intelligence propel mega-cap growth stocks to all-time highs? Image: Deutsche Bank

Global Luxury Stocks vs. China Stocks Do luxury stocks still have room to rise? Image: BofA Global Investment Strategy

Annual Returns for 25/25/25/25 Portfolio The 25/25/25/25 portfolio is performing well year-to-date. Image: BofA Global Investment Strategy

Recession – U.S. Continuing Jobless Claims U.S. continuing jobless claims can serve as a warning sign of an upcoming recession. Image: Bloomberg

S&P 500 YTD >8% on Day 100 and What Happened the Rest of the Year Historically, when the S&P 500 is up more than 8% on day 100, the rest of the year tends to…

Returns for 60/40 Portfolio So far, the traditional 60% stocks and 40% bonds portfolio is performing well year-to-date. Image: BofA Global Investment Strategy