Monetary Policy and Fed Funds Rate According to market rates, monetary policy is more neutral than accommodative. Image: Danske Research

S&P 500 Realized Volatility by Year 2020 volatility estimate of 14.7 is above the median, but below the mean (data from January 1929 to December 2019). Image: Goldman Sachs Global Investment Research

Global Equity Flows A lot of investors are chasing returns, driving stocks higher. Image: Deutsche Bank Asset Allocation

S&P 500 Earnings and Net Buybacks Buybacks have been trending lower over the last two quarters. Deutsche Bank expects buybacks to slow to $625bn in 2020. Image: Deutsche Bank Asset Allocation

PCE Inflation vs. Output Gap (Leading Indicator) Positive output gap suggests higher core inflation next year. Image: NBF Economics and Strategy

Adoption Rates of Cryptocurrencies and Internet Deutsche Bank predicts cryptocurrencies could eventually replace fiat money over the next decade. Image: Deutsche Bank Forecasts

S&P 500 Operating Earnings and NIPA Corporate Profits Goldman Sachs expects S&P 500 margins to rise slightly in 2020. Image: Goldman Sachs Global Investment Research

Fiscal Impulses in Japan and the Eurozone Japan and the eurozone are expected to benefit from significant fiscal stimulus next year. Image: Gavekal, Macrobond

China GDP Growth Over the Next Five Years China real GDP growth is expected to continue to decline in the coming years. Image: Danske Research

Equity Returns After The Fed Eases During Soft Patches In recent history, two years after the Fed eases during soft patches, equities rally by an average of about 40%. Image: Barclays Research

Trade War – S&P 500 Peaks and U.S. Trade Policy What is the likelihood of a trade deal between the U.S. and China? Past market peaks have been followed by major trade escalations. Image: Deutsche…