Global Economy and Global Real GDP Growth Morgan Stanley expects global growth to improve by 60 bps over 5 quarters. Image: Morgan Stanley Research

U.S. Commercial and Industrial Loans Outstanding Business loan growth is slowing down, despite Fed easing. Currently, liquidity is going into the financial markets, but not into the real economy. Image: Pictet Wealth Management

Global Manufacturing PMI and U.S. 10-Year Treasury Yield Chart suggesting that improving global sentiment drives U.S. 10-year Treasury yields higher. Image: Nordea and Macrobond

S&P 500 Equal Weight Index vs. S&P 500 (Price Relative) and U.S. 30-Year Bond Equity markets suggest new lows in bond yields. Image: BofA Global Investment Strategy

Longest U.S. Bull Markets Since WWII This chart puts the current bull market into perspective. Image: Ryan Detrick, LPL Financial LLC

Exports to China with Trade Deal Targets This chart shows exports to China with trade targets, under the phase-one trade deal. Image: Oxford Economics

U.S. Freight Shipping Activity The New York Fed’s manufacturing report suggests a rebound in freight shipping activity this year. Image: Quill Intelligence, LLC

Demographics – Share of Population Aged 65 and Over While global population is aging, the population in Europe is aging rapidly. Image: Financial Times

U.S. ISM Manufacturing Production Index Leads U.S. GDP Chart suggesting that the U.S. ISM Manufacturing Production Index leads U.S. GDP by 5 months. Image: Pictet Wealth Management

World Trade Growth Since 1990 In 2019, world trade growth fell to its lowest level since the global financial crisis. Image: Haver Analytics

Leverage – Net Debt to EBITDA of Small Caps vs. Large Caps Excess leverage is more pronounced among U.S. small caps. Image: BofA US Equity & Quant Strategy