U.S. Business Cycle – Months of Growth vs. Months of Recession This chart puts into perspective the U.S. business cycle and the length of recessions. Image: BofA Global Research

Number of Trading Days in a Bear Market (MSCI World Index) Stimulus and extremely low interest rates have moved global equities higher over past decade. Image: Financial Times

S&P 500 Return: Earnings Growth vs. Multiple Expansion Multiple expansion explains the S&P 500’s impressive total return of 31.49% in 2019, despite muted earnings. Image: Strategas

S&P 500 Total Return Trend Chart suggesting that the S&P 500 Total Return index is 6% below trend. Image: Truist

U.S. Inflation since 2000 U.S. households are more concerned about the rising cost of medical care and housing, than overall inflation. Image: Financial Times

U.S. Job Seeking and Recruitment Lots of job hunting. This interesting chart shows Google searches by job-seekers vs. recruiters. Image: Arbor Research & Trading LLC

MSCI Emerging Markets Relative to the U.S. and U.S. Dollar Historically, a weak U.S. dollar tends to be good for emerging markets relative to the U.S.. Image: Datastream, J.P. Morgan

Emerging Market Price-to-Book and Subsequent 5-Year Returns This chart shows the correlation between EM price-to-book and subsequent 5-year returns, suggesting higher returns for emerging markets. Image: J.P. Morgan

Cyclicals to Defensive Stock Ratio and Treasury Bonds Market internals, the preference for large over small and quality over junk, suggest that the recovery will be modest. Image: Morgan Stanley Research

Global Economy – OECD Composite Leading Indicator (CLI) The OECD Composite Leading Indicator (CLI) is rising and suggests that a global economic recovery is underway. Image: Macrobond

Difference in U.S. Inflation Measures PCE and CPI diverge, suggesting that PCE may be understimated. Image: Swedbank Research