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
Valuation – TTM P/E vs. S&P 500 Forward 10-Year Return Should investors expect anemic returns over the next 10 years? Image: Strategas Research Partners
Total Equity ETF Flows Equity ETF inflows remain strong. Image: Morgan Stanley Wealth Management
U.S. 10-Year TIPS Yield and Federal Budget Balance A larger U.S. budget deficit tends to lead to a lower TIPS yield. Image: Alpine Macro
U.S. Equities – Cyclicals/Defensives, Low/High Quality, Small/Large Is the shift in market leadership a warning sign about the reopening of the economy? Image: Morgan Stanley Research
S&P 500 Index Relative to Historic Valuation Ranges Should investors worry about the current S&P 500’s valuation? Image: Real Investment Advice
Inflows – Bonds vs. Equities in Past 12 Years Since 2008, inflows into global bonds of $2.4tn still exceed inflows into global equities of $1.0tn. Image: BofA Global Investment Strategy
U.S. Dollar Share of Allocated Reserves The share of the U.S. dollar in global reserves has decreased and now stands at 59%. Image: Goldman Sachs Global Investment Research