Federal Reserve Balance Sheet: Assets and Liabilities This chart shows the total assets and liabilities of the Federal Reserve. According to the NY Fed, the Fed’s balance sheet could be between $3.8 trillion and $4.7 trillion by 2025. Image: BofA Global Research
Valuation – S&P 500 EV/EBITDA The EV/EBITDA of the S&P 500 suggests that stocks are as expensive as they were during the Internet bubble. Image: Tomasz Hońdo
U.S. Equities and Global Equities ex-U.S. This chart suggests that higher yields could cause great rotation from bonds to stocks, US equities to non-US equities, growth to value, large caps to small caps, tech stocks to bank stocks, credit to commodities,… Image: BofA Global Investment Strategy
2019 Market Performance Compared to 2018 Large growth, S&P 500, small growth, small caps and REITs perform best in 2019. Image: Fidelity Investments
Weekly Net Flows into Bond Mutual Funds and Exchange Traded Funds Bond funds posted record inflows as the Iranian crisis intensified. Image: Financial Times
Effect of the Trade War on U.S. Real GDP Growth Assuming no further escalation, the trade war drag on real GDP growth is expected to gradually fade over the year. Image: Goldman Sachs Global Investment Research
Small Cap Cyclical Sectors vs. Defensive Sectors Median Forward P/E Relative valuations for small-cap cyclicals versus small-cap defensives also remain near the 20-year lows. Image: BofA US Equity & Quant Strategy
Average Price Performance of Gold, Oil and Base Metals during Four Military Conflicts This chart shows the average price performance of gold, oil and base metals during the following military conflicts: 1980 Iran-Iraq War, 1990 Gulf War, 2003 Iraq War, 2011 NATO-led military intervention in Libya. Image: J.P. Morgan Commodities Research
U.S. Stock Market – Valuation Metric Is the U.S. stock market overvalued? By historical standards, many traditional valuation metrics look expensive. Image: Charles Schwab
Global Economic Strength Indices (Imports/Exports, Confidence, Inflation) Global trade is recovering after a period of weakness. That’s good news for inflation. Image: Arbor Research & Trading LLC
Emerging Markets Exports Value and MSCI Emerging Markets 12m Trailing EPS Chart suggesting that EM corporate profits are linked to the global trade cycle. Image: Gavekal, Macrobond