Valuation – Fed Assets vs. S&P 500 Fwd P/E Fed assets tend to push the valuation of the S&P 500 higher. Image: Lohman Econometrics

Valuation of the S&P 500 and the Top 5 Stocks Relative to Interest Rates The earnings yield gap for the top 5 stocks is 191 bp, just above the 40-year average of 144 bp. Image:…

QoQ Cash and Securities Growth For the first time since the coronavirus pandemic, cash fell QoQ in the first quarter of 2021. Image: BofA Global Research

Gold Minus Oil Annual Net Return The cyclical oil outperformance vs. gold is the largest since 1978. Image: BofA Global Investment Strategy

Advanced Economies Debt/GDP and Advanced Economies Long-Term Rate Will rising debt lead to higher inflation and higher yields? Image: BofA Global Research

Cryptocurrency Markets – Monthly Volumes on Major Exchanges Crypto trading volumes are increasing, as more investors seek more speculative assets. Image: Financial Times

China Credit and Fiscal Impulse and Commodities (Leading Indicator) China credit and fiscal impulse tends to lead commodity prices by 9 months. Image: BCA Research

ISM Manufacturing New Orders and U.S. 10-Year Bond Yield ISM Manufacturing New Orders would imply much higher bond yields. Image: Credit Suisse Research

Valuation – U.S. 2-Year Real Rate and S&P 500 12-Month Forward P/E The low levels of U.S. 2-year real rates help to explain the U.S. stock market valuation. Image: Nordea and Macrobond

U.S. Civilian Unemployment Rate and U.S. Natural Rate of Unemployment The U.S. unemployment rate recovery is following a path unlike any recession since World War II. Image: BofA Global Research

Global Equities and Composite of Largest Real Asset Funds Is it time to invest in real assets, as inflation is likely to pick up in the coming quarters? Image: Richardson Wealth