Volatility – SKEW Index The SKEW Index continues to decline. Image: The Daily Shot

FMS Investors and Risk Level Risk taking by FMS investors is at record low level. Image: BofA Global Fund Manager Survey

Inflation – Annualized 6-Month Headline CPI Change Has U.S. headline CPI inflation finally peaked? Image: BofA Global Investment Strategy

Credit Risks The strong U.S. dollar increases the risk of a credit event Image: BofA Global Investment Strategy

Aggregated U.S. Equity Futures Positions vs. ISM Manufacturing The correlation between aggregated U.S. equity futures positions and the U.S. ISM manufacturing is strong. Image: Deutsche Bank Asset Allocation

U.S. ISM Manufacturing PMI vs. Growth Tax (Leading Indicator) Should investors expect a sharp contraction of the U.S. economy? Image: Alpine Macro

U.S. Bear Markets and Recoveries Should investors expect a further decline in the S&P 500? Image: Goldman Sachs Global Investment Research

Liquidity – Securities Held in Custody at Fed for Foreign Official Accounts Should markets be worried about a new international liquidity crisis? Image: Gavekal, Macrobond

Fed Funds Rate and Forecasts BofA expects the Fed funds terminal rate to reach 3.25-3.50%. Image: BofA Global Research

Forecast – Federal Reserve Balance Sheet Should investors expect a higher terminal Fed balance sheet? Image: BofA Global Research

Median Change in Consensus FY0 EPS Estimates and NTM P/E Around the Start of Recessions Should equity investors expect earnings to fall, as recession fears mount? Image: Goldman Sachs Global Investment Research