Valuation – Federal Reserve Total Assets and S&P 500 Index Forward Price/Earnings Will Fed asset purchases continue to push valuations higher indefinitely? Image: Morgan Stanley Wealth Management
Inflation – TIPS and Equity Sector Fund Flows Strong fund inflows into TIPS, materials, energy and financials. Will the Federal Reserve let the U.S. economy run hot? Image: Deutsche Bank Asset Allocation
Oil – Brent Spot and Forward Curve Goldman Sachs expects Brent prices to reach US$80 per barrel by this summer. Image: Goldman Sachs Global Investment Research
Fiscal Stimulus in the Major Economies U.S. fiscal stimulus is boosting growth at the cost of increased debt. Image: BofA Global Research
Market Capitalization or Outstandings (for Sub-Prime) for Various Markets as a Percentage of Global GDP Following the recent plunge in cryptocurrency prices, cross-asset consequences have been mild, despite the global cryptocurrency market size. Image: J.P. Morgan
S&P 500 Real Total Return and Secular Trend Has the current secular bull market several more years left to run? Image: Fidelity Investments
Treasury Inflation-Protected Securities (TIPS) – ETF Assets Under Management Assets under management in TIPS ETFs surge to record high, as the Federal Reserve lets the U.S. economy run hot. Image: Topdown Charts
Inflation – U.S. 10-Year Bond Yields and CPI (YoY ex Food and Energy) Bond yields are low given current CPI, suggesting that the rise of inflation is temporary. Image: Richardson Wealth
Cumulative Flows Into Tech, Energy, Materials and Financials Late cyclicals flows are outperforming tech year-to-date. Image: BofA Global Research
Housing – U.S. House Prices In nominal terms, U.S. house prices are soaring. But in gold terms, they have fallen by 60% since 1972. Image: Nordea and Macrobond
10-Year Inflation Expectations The Federal Reserve is not worried about inflation, so far. Image: Arbor Research & Trading LLC