Default Rate of U.S. High-Yield Issuers U.S. corporate defaults are still near all-time lows, which is good news. Image: Goldman Sachs Global Investment Research

Fed Tightening and Total Credit Growth Fed tightening monetary policy does not bode well for credit growth. Image: Gavekal, Macrobond

S&P 500 Index Down > 15% for a Quarter Big down quarters tend to be bullish for U.S. stocks over 3, 6 and 12 months. Image: Carson Investment Research

President Biden’s Approval Rating vs. CPI Inflation Inflation continues to weigh on President Biden’s approval rating. Image: BofA Global Investment Strategy

U.S. Net Equity Future Positions of Asset Managers and Drawdown > 10% When will the U.S. equity bear market be over? Image: Goldman Sachs Global Investment Research

U.S. Initial Unemployment Claims and Relative Performance of Bonds vs. Stocks Bonds tend to outperform stocks when U.S. initial unemployment claims rise. Image: BofA Global Investment Strategy

Cumulative Bull vs. Bear Markets Why do bear markets matter? Inflation-adjusted bull markets are almost completely wiped out by the subsequent bear market. Image: Real Investment Advice

U.S. Core PCE Inflation Will U.S. core PCE inflation fall faster than expected? Image: Alpine Macro

USD High Yield Gross Issuance Rising interest rates do not bode well for high yield issuance. Image: Goldman Sachs Global Investment Research

S&P 500 Earnings Revisions Breadth How will earnings growth drive the S&P 500? Image: Morgan Stanley Wealth Management

Fed Funds Rate YoY Less Real GDP Trailings 24-Months YoY Historically, the Fed’s tightening cycle tends to peak when the fed funds rate reaches the two-year trailing real GDP growth rate. Image: Morgan Stanley Wealth…