Rolling 10-Year Annualized Real GDP Growth vs. Total Return for S&P 500 Index Chart suggesting that the U.S. stock market can ignore the economy for long periods of time. Image: Bloomberg

Growth in Gold Price and Central Bank Balance Sheets Chart suggesting that the growth of central bank balance sheets should drive gold prices higher. Image: BofA Global Research

Major U.S. Mutual Funds’ Net Exposure to U.S. Equities U.S. equity exposure of major U.S. mutual funds is in line with the historical average. Image: Nomura

U.S. Economy – Exports and Imports Annual Growth In May, US exports sank to 11-year low, and imports dropped as demand for goods slows. Image: Oxford Economics

Earnings – EPS to Recover Post Recessions How long does it take for S&P 500 EPS to recover after a recession? Image: CIBC

U.S. Dollar Smile (U.S. Growth vs the Rest of G7) and U.S. Double Deficit Global growth rebound and widening U.S. double deficit suggest a further depreciation of the U.S. dollar. Image: Nomura

Market-Implied Global Growth Markets are already pricing in global growth close to its long-term average. Image: UBS

Earnings – S&P 500 2020 and 2021 EPS Estimate Trends Have earnings estimates bottomed out? Image: Truist

U.S. Job Losses – Payroll Trends by Wage Cohort Lower-wage workers in the United States have been hit harder by coronavirus job losses. Image: Morgan Stanley Research

U.S. GDP – Economic Recovery Phase When will the U.S. economy recover? Image: Oxford Economics

60/40 Portfolio Returns Over the Next 10 Years Chart suggesting anemic returns for 60/40 portfolios over the next 10 years. Image: Goldman Sachs Global Investment Research