Economy – U.S. Miles Driven Has the pandemic changed driving habits in the United States? It appears that Americans are now driving as much as before the pandemic. Image: Gavekal, Macrobond

U.S. Cyclicals vs. Defensives and U.S. 10-Year Breakeven Will U.S. cyclicals continue to lag behind rising U.S. inflation expectations? Image: Goldman Sachs Global Investment Research

U.S. Labor Market – NFIB Small Business Job Openings Hard to Fill U.S. job openings rose to a two-year high, as small businesses report difficulty filling jobs. Image: BofA Global Investment Strategy

CTAs’ Net Position in Nasdaq 100 Futures vs. the Nasdaq 100 CTAs have increased their long positions in Nasdaq 100 futures. Image: Nomura

Valuation – Relative Fwd P/E of U.S. vs. Rest of World How long will the U.S. continue to trade near record levels relative to the rest of the world? Image: BofA Global Research

Returns – U.S. Stock Prices in YoY Terms Back to 1928 Since the March 2020 lows, the U.S. stock market has staged an impressive rally to new highs. Image: BofA Global Investment Strategy

U.S. Public Debt and Household Net Worth More government debt tends to increase household net worth. Image: Alpine Macro

Performance – S&P Banks / S&P 500 and U.S. 10-Year Treasury Yield Bank stocks could benefit from the steepening yield curve and outperform the S&P 500. Image: BCA Research

Seasonality – Average Percent Change in U.S. 10-Year Treasury Yields by Month Historically, the months of May through September tend to be bullish for 10-year Treasuries. Image: LPL Research

India Daily Coronavirus Confirmed Cases The second wave of COVID-19 in India shows no signs of slowing, as new daily cases of coronavirus exceed 200,000. Image: The Daily Shot

United States vs. China Stock Funds Flows This year, inflows into U.S. stock funds exceed inflows into China stock funds. Does the scale of the stimulus in the U.S. act like gravity? Image: CNBC