Actual vs. Predicted Change in DM Bond Yields When Regressed on PMI Level DM bond yields appear to be overpriced. Image: J.P. Morgan

S&P 500 Index Companies – Total Cash U.S. companies are sitting on a record cash pile. Image: Morgan Stanley Wealth Management

Commodities vs. China Credit Impulse (Leading Indicator) China’s credit impulse tends to lead commodities by 12 months. Image: Nordea and Macrobond

12-Month Rolling Correlation Between U.S. Treasury Yields and S&P 500 Should investors expect a negative stock-bond correlation? Image: BCA Research

Valuation – Commodities Relative to U.S. Equities Commodities relative to U.S. equities are trading at very low valuation level. Image: Financial Times

Housing – U.S. Home Prices and Lumber Price Will the housing market boom continue, as U.S. home prices rise to seven-year high? Image: BofA Global Investment Strategy

Fiscal Stimulus and Real U.S. GDP Forecast Deutsche Bank expects real U.S. GDP to exceed its pre-coronavirus path by the end of 2021. Image: Deutsche Bank

CTAs’ Net Position in Dow Jones Futures vs. the Dow Jones CTAs continue to increase their long positions in Dow Jones futures. Image: Nomura

U.S. 10-Year Treasury Price Return During Bear Bond Markets Worried about a bear bond market? Image: BofA Global Research

S&P 500 Sectors’ Relative Performance Sensitivity to Real Rates Financials benefit from higher rates, as profit margins expand. Image: BofA Global Research

MSCI World and World Technology 12-Month Forward Earnings Yield Minus U.S. 10-Year Bond Yield Over the last 4 years, the MSCI World tended to decline when the yield gap was close to 2%. Image: Societe…