Interest Rate Volatility – U.S. 10-Year Treasury Yields Since the start of the COVID-19 crisis, daily percentage changes in the 10-year Treasury yield remain above historical norms. Image: LPL Research
Bubble Valuations – S&P 500 Index and S&P 500 Information Technology Sector GICS Level 1 Index (Adjusted Price/Sales Ratio) The U.S. stock market looks expensive by historical standards. Is the price-to-sales ratio worrisome? Image: Bloomberg
U.S. S&P 500 Comp Under Different Inflation/Disinflation Environments Investors should not ignore the effect that inflation can have on equities. Image: Gavekal, Macrobond
Personal Saving Rate and U.S. Stock Market Could the U.S. stock market see upside after the next stimulus is passed? Image: BofA Global Research
2-Year Fed Funds Expectations vs. U.S. 10-Year Treasury Yields There is a positive correlation between the change in Fed funds expectations and the change in U.S. 10-year Treasury yields. Image: BofA Global Research
China Imports of Semiconductor Manufacturing Equipment by Country China is a net importer of semiconductors and depends heavily on manufacturers from the U.S. and its allies. Image: Gavekal, Macrobond
Markets – U.S. Rate Moves Over the recent months, U.S. rate moves have generally been “healthy”. Image: BofA Global Research
U.S. Jobs – Initial and Continued Claims Initial and continued claims remain elevated, suggesting that the road to recovery is a long journey. Image: BofA Global Research
Investors and Government Stimulus Checks New retail investors are willing to invest in the stock market using government stimulus checks. Image: Deutsche Bank Asset Allocation
Performance – S&P 500 Tech Sector Relative to Financials Could financial stocks head higher and continue to outperform the S&P 500 tech sector? Image: Longview Economics
Actual vs. Predicted Change in DM Bond Yields When Regressed on PMI Level DM bond yields appear to be overpriced. Image: J.P. Morgan