Estimated EPS Impact from a 90bp YoY Increase in Cash Yield Through Interest Income Historically, the S&P 500 tends to do well during Fed hike cycles. Image: BofA US Equity & Quant Strategy

Valuation – Russell 2000 Price-to-Book Ratio Small cap valuations remain high despite the recent sell-off. Image: Goldman Sachs Global Investment Research

Inflation – U.S. PCE Price Index Despite inflation worries, U.S. PCE inflation remains below what a 2% trend would have done since 2012. Image: Alpine Macro

Russell 2000 vs. S&P 500 – Annualized Average Monthly Return Small cap stocks tend to underperfom the S&P 500 when growth slows. Image: Goldman Sachs Global Investment Research

Treasury Investor Sentiment Investor sentiment on Treasuries continues fall. Image: The Daily Shot

Real Rates – U.S. Agg. Corporate Avg. Option-Adjusted Spread and 10-Year U.S. Real Yield Rising U.S. real rates could lead to wider credit spreads. Image: Morgan Stanley Wealth Management

Federal Funds Rate vs. Wages and Salaries Is the Federal Reserve behind the curve on wage growth? Image: Morgan Stanley Wealth Management

S&P 500 vs. EM ex-China Has the S&P 500 relative to EM ex-China equities peaked? Image: BofA Global Investment Strategy

Global Equities – MSCI ACWI vs. ISM New Orders ISM new orders could suggest negative global equity returns. Image: BofA Global Investment Strategy

BB HY Monthly Total Returns U.S. BB rated high yield corporate bonds have dropped sharply in January. Image: BofA Global Investment Strategy

Interest Rates – Number of Fed Rate Hikes Prices in by the Market Will inflation accelerate the pace of Fed rate hikes? Image: J.P. Morgan Asset Management