Global Government Bond Returns Global government bonds are on course for the worst year since the Marshall Plan in 1949. Image: BofA Global Investment Strategy

Fed Balance Sheet % of GDP Will the Fed start reducing its balance sheet in May? Image: BofA Global Research

U.S. Yield Curve and Performance of Equities vs. Bonds (Leading Indicator) The U.S. 10Y-2Y yield curve suggests that equities should underperform bonds over the next 5 years. Image: Pictet Asset Management

S&P 500 – Average Next 12-Month Price Return Late-cycle suggests below-average performance for the S&P 500. Image: KKR & Co.

Average S&P 500 Performance Following 10Y-2Y Yield Curve Inversions On average, the S&P 500 continues to rise in the 12 and 24 months following the 10Y-2Y yield curve inversion. Image: Deutsche Bank

U.S. Yield Curve Inversions and U.S. Recessions As the 10Y-2Y yield curve has briefly inverted, is it premature to predict a U.S. recession in 2023? Image: True Insights

U.S. Stocks – Value vs. Growth Could growth stocks outperform value stocks in a context of slowing global growth? Image: Topdown Charts

Cumulative Europe-Focused ETF Flows Outflows from Europe-focused ETFs remain strong. Image: The Daily Shot

Cyclicals vs. Defensives and 10-Year Breakeven Does stagflation pose a threat to markets? Image: Goldman Sachs Global Investment Research

Commodities – Commodity Price Shock, Percent of Consumer Spending The commodity price shock on consumers is not yet at the level of the 1970s. Image: Goldman Sachs Global Investment Research

Largest S&P 500 10-Day Returns During Prior Bear Markets The recent U.S. equity rally has been very strong. Image: BofA Global Research