Fed Ownership of Treasury Market The Fed’s ownership of nearly 25% of Treasury securities helps explain the disconnect between rates and the real economy. Image: Morgan Stanley Wealth Management

S&P 500 Equity Risk Premium and Real 10-Year Rates Will the S&P 500 equity risk premium rise further? Image: Morgan Stanley Research

Share of Industries in S&P 500 by Stage in the Cycle Currently, companies that constitute 66% of the S&P 500’s market capitalization are growing faster than before the coronavirus pandemic. Image: Deutsche Bank Asset Allocation

Peak ISM Manufacturing – S&P 500 vs. ISM Manufacturing Will the S&P 500 continue to rise after the peak in the ISM manufacturing? Image: Truist

U.S. Business Cycle Indicator and NBER Recession This business cycle indicator reflects a stronger than expected recovery in the United States. Image: BofA Global Research

Valuation – S&P 500 Trailing 4Q PE Should investors take a cautious approach to U.S. stocks? Image: BofA US Equity & Quant Strategy

Reflation Trade – U.S. Bond and Equity Markets Is the U.S. reflation trade still alive? Image: BCA Research

Global Manufacturing PMI Despite a slight decline, global manufacturing activity remains expansionary. Image: J.P. Morgan Asset Management

Bond Returns Will accumulated savings during the pandemic push U.S. Treasury yields lower? Image: Financial Times

Valuation – Price to Sales Ratio – S&P 500 Information Technology Index and S&P 500 Index U.S. equities look expensive by historical standards, but low rates tend to push price-to-sales ratios higher. Image: Morgan Stanley…

International Reverse Repos and U.S. 10-Year Yield The usage of the reverse repos tends to lead to lower bond yields. Image: Nordea and Macrobond