Category: Blog

Global Monetary Policy Map So far, global central banks remain firmly in a tightening mode. Image: Topdown Charts

Valuation – Long History of U.S. P/E The S&P 500 still does not look cheap despite a lower valuation. Image: Goldman Sachs Global Investment Research Click the Image to Enlarge  

U.S. Market Concentration Indicator U.S. market concentration has declined substantially. Image: Alpine Macro

Net % of FMS Investors Expecting Stronger Economy FMS investors expect a weaker economy in the next 12 months. Are FMS economy expectations too pessimistic? Image: BofA Global Fund Manager Survey

Volatility – Average VIX vs. Short-Term Rates Levels VIX is expected to remain high in 2023. Image: J.P. Morgan Equity Derivatives Strategy

U.S. ISM Manufacturing Index vs. U.S. 30-Year Mortgage Rate YoY Change The U.S. 30-year mortgage rate YoY change tends to lead the U.S. ISM Manufacturing Index by 19 months. Image: UnderOrion and Macrobond

FMS Investors – Net % Say They Are Overweight Emerging Market Equities Should investors overweight emerging market equities in 2023? Image: BofA Global Fund Manager Survey

History of the U.S. Dollar This chart highlights the rise and fall of the U.S. dollar since 1973. Image: Goldman Sachs Global Investment Research Click the Image to Enlarge  

Inflation – Fed Funds vs. U.S. Core CPI Will the Fed pivot in 2023 if core CPI is significantly lower? Image: Morgan Stanley Research

12-Month Forward S&P 500 Equity Risk Premium The equity risk premium should rise as a recession is likely in the United States. Image: BCA Research

Passive Global Equity Flows Outflows from passive global equity funds are large. Image: BofA Global Investment Strategy