Yield Curve – U.S. Equity Returns in the 12-Months Following the First 10Y-2Y Inversion in Each Cycle Will the S&P 500 hit a new record high this year, despite the 10Y-2Y inverted yield curve? Image:…

U.S. Treasury Return vs. S&P 500 Return Is the pain trade still U.S. stocks and UST yields higher? Image: BofA Global Investment Strategy

Average Yield Bond yields are up and look attractive. Image: Morgan Stanley Wealth Management

S&P 500 Returns Following 10Y-2Y Yield Curve Inversions The S&P 500 typically rises in the 12 and 24 months following the 10Y-2Y yield curve inversion. Image: Goldman Sachs Global Investment Research

Gold vs. Long-Term Treasuries Rising yields tend to be bearish for gold. Image: Morgan Stanley Wealth Management

ISM Manufacturing Index vs. Banks / Utilities (Leading Indicator) Will the ISM Manufacturing Index move downward from current levels? Image: Morgan Stanley Research

U.S. Yield Curve 2s10s vs. Emerging Market High Yield Junk Bond Price Is a recession looming and are peak yields imminent? Image: BofA Global Investment Strategy

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.