U.S. Fiscal Effects of Enacted and Proposed Legislation U.S. fiscal support is boosting growth at the cost of increased debt. Image: Goldman Sachs Global Investment Research

Risky Assets and Fed Balance Sheet (M1) Growth Should investors be worried about the Fed’s balance sheet growth? Image: Morgan Stanley Research

Interest Rates – “Real” 10-Year Treasury Rate (10-Year Treasury Yield – Inflation Expectations) Should equity investors worry about rising US real rates? Image: Morgan Stanley Research

Annual Proceeds from High-Yield U.S. Corporate Bond Sales Are investors at risk of making poor investment decisions by rushing into junk bonds? Image: Financial Times

Cyclical Stocks – Regional Banks vs. NYFANG Price Relative Should investors be careful about cyclical stocks? Image: BofA Global Investment Strategy

Performance – Cyclicals/Top 1000 Cyclicals are expected to underperform over the next quarter or two. Image: Morgan Stanley Research

Federal Reserve Balance Sheet as Percent of Total U.S. Market Capitalization Don’t fight the Fed? The Fed’s balance sheet could peak at US$9 trillion in 2022. Image: Lohman Econometrics

Inflation – CPI and Commodity Producer Price Index (PPI) Commodity prices have surged, suggesting further inflationary pressures. Image: J.P. Morgan Asset Management

Yields and Breakeven Inflation on 10-Year U.S. Treasuries Breakeven inflation seems to have peaked. Image: Gavekal, Macrobond

Gold to Copper Ratio The gold-to-copper ratio is a reliable barometer of global economic health. Image: Alpine Macro

S&P 500 and Recent Quadruple Witching Dates May quadruple witching spell some relief to U.S. stocks? Image: Fundstrat Global Advisors, LLC