Category: Blog

Valuation – Relative Fwd P/E of U.S. vs. Rest of World How long will the U.S. continue to trade near record levels relative to the rest of the world? Image: BofA Global Research

Returns – U.S. Stock Prices in YoY Terms Back to 1928 Since the March 2020 lows, the U.S. stock market has staged an impressive rally to new highs. Image: BofA Global Investment Strategy

U.S. Public Debt and Household Net Worth More government debt tends to increase household net worth. Image: Alpine Macro

Performance – S&P Banks / S&P 500 and U.S. 10-Year Treasury Yield Bank stocks could benefit from the steepening yield curve and outperform the S&P 500. Image: BCA Research

Seasonality – Average Percent Change in U.S. 10-Year Treasury Yields by Month Historically, the months of May through September tend to be bullish for 10-year Treasuries. Image: LPL Research

India Daily Coronavirus Confirmed Cases The second wave of COVID-19 in India shows no signs of slowing, as new daily cases of coronavirus exceed 200,000. Image: The Daily Shot

United States vs. China Stock Funds Flows This year, inflows into U.S. stock funds exceed inflows into China stock funds. Does the scale of the stimulus in the U.S. act like gravity? Image: CNBC

Returns – 60% U.S. Stocks / 40% U.S. Treasury Bonds – Lost Decades and Growth Periods Will a 60/40 portfolio face another lost decade? Image: BofA Research Investment Committee

Global Macro Hedge Funds’ Net Exposure to U.S. 10-Year Treasury Bond In terms of positioning, global macro hedge funds are currently long U.S. Treasuries. Image: Nomura

FMS Investors and Inflation Expectations Is inflation coming, as inflation expectations remain at an all time high? Image: BofA Global Fund Manager Survey

Change in Expected GDP Only the United States has a higher expected GDP than pre-pandemic. Image: BofA Global Research