U.S. 2-Year Government Bond Yield The 2-year U.S. Treasury yield is rising as U.S. inflation may be more persistent than expected, which remains a headwind for U.S. stocks. Image: The Daily Shot

Philadelphia Fed Manufacturing Index vs. U.S. ISM Manufacturing PMI The Philly Fed Manufacturing Index could lead to a further dip in the ISM Manufacturing PMI. Image: The Daily Shot

U.S. Recession – 3-Month T-Bills Minus 12-Month CPI Inflation and 10-Year Treasury Rate Minus 12-Month CPI Inflation Historically, there has never been a recession in the United States with negative real interest rates. Image: Gavekal,…

Inflation – U.S. Trimmed and Median CPI Trimmed and median CPI remain sticky so far, which suggests that further rate hikes may be needed to tame inflation. Image: Deutsche Bank

S&P Sector Valuation Dashboard The S&P energy sector still looks attractive. Image: Goldman Sachs Global Investment Research

Inflation – Net % Expecting Higher Global CPI Almost all FMS investors expect inflation rates to fall. Image: BofA Global Fund Manager Survey

S&P 500 NTM EPS Yield Gap vs. 6-Month T-Bill Yields Cash is becoming an attractive option for investors. Image: Goldman Sachs Global Investment Research

Bear Market Rally or New Bull Market? Most FMS investors do not think this is a new bull market. Image: BofA Global Fund Manager Survey

Sentiment – S&P 500 vs. NAAIM Exposure Index Active investment managers are chasing price. Are they too optimistic? Image: Morgan Stanley Research

Net Percent of Domestic Respondents Tightening Standards Lending standards are way too tight. Bye-bye soft landing? Image: Morgan Stanley Wealth Management

Annual 60/40 Portfolio Performance Will the 60/40 portfolio continue to perform well in 2023? Image: BofA Global Investment Strategy