U.S. Dollar Share of Allocated Reserves The share of the U.S. dollar in global reserves has decreased and now stands at 59%. Image: Goldman Sachs Global Investment Research

Euro to U.S. Dollar (EUR/USD) and 10-Year Spread (Leading Indicator) The 10-year spread (Euro vs. U.S. dollar swap rates) tends to lead EUR/USD by 22 days. Image: Nordea and Macrobond

Inflows to Global Equity Funds Inflows to global equity funds in the past 5 months of $569 billion exceed inflows in the prior 12 years of $452 billion. Image: BofA Global Investment Strategy

Performance – Nasdaq 100 vs. S&P 500 Is it the start of a long reversal? Image: BofA Global Investment Strategy

Global Equity Risk Premium The global equity risk premium does not show a high excess equity return over global government bonds. Image: BofA Global Investment Strategy

U.S. Equity Funds Split Between Active and Passive Strategies Can active funds beat passive funds in a recovering U.S. economy? Image: Financial Times

1-Year Correlation – S&P 500 vs. U.S. Dollar Index How long will the negative correlation between the S&P 500 and the U.S. dollar persist? Image: Morgan Stanley Research

S&P 500 Returns After Strong First Quarter Historically, returns between 5-10% in the first quarter tend to be bullish for the S&P 500 through the rest of the year. Image: LPL Research

7-10 Treasuries Total Return Index / Gold in U.S. Dollar Gold tends to beat U.S. Treasuries on inflationary fears. Image: Gavekal, Macrobond

Global Stocks (MSCI ACWI ex-U.S.) – Global Equity Prices Excluding U.S. Stocks Global stocks ex-U.S. remain below pre-Global Financial Crisis highs. Image: BofA Global Investment Strategy

U.S. GDP Forecast – Return to Pre-COVID-19 GDP Path Morgan Stanley expects U.S. GDP to reach its pre-COVID-19 GDP trend by 3Q21 and then rise above it. Image: Morgan Stanley Research