U.S. Treasuries Seasonality Historically, U.S. 10-year yields tend to drop on average from May to November. Image: Nordea and Macrobond

U.S. Consumer Spending – Comparison of Spending Between March 2021 and February 2020 Travel spending remains low, while goods spending across sectors are well above pre-pandemic levels. Image: BofA Global Research

FY2 P/E Premium of Highest vs. Lowest Valuation S&P 500 Firms The dispersion of stock multiples has narrowed, but is still wide relative to history. Image: Goldman Sachs Global Investment Research

ISM Manufacturing Index and Recessions Economic growth tends to peak about a year after the recession ends. Image: Deutsche Bank Asset Allocation

Quarterly U.S. Equity Issuance by Deal Type U.S. equity issuance hit record levels in the first quarter of 2021. Image: Goldman Sachs Global Investment Research

U.S. 10-Year Real Yield and Tapering Period Could investors see a repeat of the 2013 taper tantrum? Image: Morgan Stanley Wealth Management

% of Zombie Firms Among OECD Companies The share of zombie firms in OECD countries is increasing, as a result of governments’ response to the coronavirus crisis. Image: BofA Global Research

U.S. Equities – Margin Debt Since 1960 Is the growth of margin debt a concern? Image: Morgan Stanley Research

ISM Manufacturing Index vs. S&P 500 Ratio to 12-Month Moving Average Historically, the S&P 500 tends to pull back as economic growth peaks. Image: Deutsche Bank Asset Allocation

Interest Rates – Rate Hikes vs. Rate Cuts and Global PMI Manufacturing Global manufacturing PMI levels are screaming for policy tightening. Image: Nordea and Macrobond

Small Cap Stocks – S&P 500 and U.S. Nominal YoY GDP Growth Historically, small-caps tend to outperform large-caps during periods of accelerated GDP growth. Image: BofA ETF Research