Real Rates – U.S. Agg. Corporate Avg. Option-Adjusted Spread and 10-Year U.S. Real Yield Rising U.S. real rates could lead to wider credit spreads. Image: Morgan Stanley Wealth Management
S&P 500 vs. EM ex-China Has the S&P 500 relative to EM ex-China equities peaked? Image: BofA Global Investment Strategy
Global Equities – MSCI ACWI vs. ISM New Orders ISM new orders could suggest negative global equity returns. Image: BofA Global Investment Strategy
BB HY Monthly Total Returns U.S. BB rated high yield corporate bonds have dropped sharply in January. Image: BofA Global Investment Strategy
Interest Rates – Number of Fed Rate Hikes Prices in by the Market Will inflation accelerate the pace of Fed rate hikes? Image: J.P. Morgan Asset Management
Inflation – U.S. Wholesale Used Vehicule Price Index Does transitory inflation take time? Used car prices in the United States continue to skyrocket. Image: The Daily Shot
Global Equity Markets – MSCI ACWI Index with HY/IG Flows BofA sees a rates shock this year and remains bearish on equities and credit. Image: BofA Global Investment Strategy
Valuation – S&P Growth vs. S&P Value Should investors continue to favor value stocks relative to growth stocks? Image: Richardson Wealth
Valuation – Fed Rate Hikes vs. S&P 500 P/E Is the U.S. stock market facing strong headwinds at the start of the Fed’s hiking cycle? Image: BofA Global Investment Strategy
Global U.S. Dollar Reserves Will global U.S. dollar reserves continue to decrease over time? Image: Alpine Macro
U.S. Dollar – Sentiment and Positioning Investors sentiment is bullish on the U.S. dollar. Image: Topdown Charts