Recession – 10-Year U.S. Treasuries Minus Fed Funds Rate Historically, an inverted yield curve has been an excellent predictor of recessions in the United States. Image: BofA Global Research

Yield Curve – 2Y/10Y U.S. Treasury Yield Spread and 2Y/10Y German Treasury Yield Spread The U.S. and German yield curves are decoupling, suggesting a slower economic activity in the United States. Image: Morgan Stanley Wealth…

Median Sector Returns Across Tightening Cycles Historically, S&P 500 returns tend to be positive during tightening cycles. Image: MarketDesk Research

Equities and Credit Flows Flows into equities remain strong this year. Image: BofA Global Investment Strategy

Liquidity – S&P 500 E-mini Futures Market Depth S&P 500 E-mini futures market liquidity remains below average levels. Image: J.P. Morgan Equity Derivatives Strategy

Implied Allocations: Gold Miners Allocation to gold miners remains low. Should investors be bullish on gold miners as valuations are reasonable? Image: Topdown Charts

Commodities – Commodity Backwardation Rate Current commodity spot prices are higher than futures prices due to tight supply and strong demand. Image: J.P. Morgan Asset Management

1-Year Implied Volatility vs. IG Spreads Credit spreads are widening and BofA still sees a rates shock this year. Image: BofA Global Investment Strategy

FMS Investors – Net % That Monetary Risk to Be Above Normal Does tightening monetary policy pose the greatest risk to financial market stability? Image: BofA Global Fund Manager Survey

FMS Investors – Which of the Following Is Most Likely to Lead the S&P 500 Above 5000? Could a drop in U.S. CPI to 3% drive the S&P 500 above 5000? Image: BofA Global Fund…

Net Retail Investment Flow as a % of Aggregate Market Capitalization Aggregate small-cap outflows by retail investors have been significant compared to their aggregate market capitalization. Image: Goldman Sachs Global Investment Research