Cross-Asset Correlation Matrix The S&P 500’s one-year correlations are 0.29 with the 10-year U.S. Treasury yield, 0.44 with gold, and -0.35 with WTI crude oil, a mix that offers useful guidance for asset allocation. Image: Goldman Sachs Global Investment Research
U.S. Economic Forecasts Two Fed rate hikes are in Deutsche Bank’s forecast. The bank sees the U.S. economy holding up through 2028 and expects a 25 bps hike in December 2026 and another in March 2027. Image: Deutsche Bank
10-Year U.S. Treasury Yield Bond yields can surge, but they rarely stay at their highs. Since 1990, every peak has been followed by a pullback. Image: Real Investment Advice
Forward P/E Ratio and Subsequent 5-Year Annualized Returns With U.S. equities priced for perfection, the next five years could deliver slimmer returns. The businesses are exceptional, but price still matters. Even great stocks can disappoint when investors pay too much. Image: J.P. Morgan Asset Management
Valuation – S&P 500 Forward P/E Multiple Since October 2025, rising earnings estimates have pulled the S&P 500’s forward P/E down from 23 to 19, despite rising prices. The multiple is now at its 10-year average. Cooler, yes. Cheap, not yet. Image: Goldman Sachs Global Investment Research
S&P 500 Implied Correlation The S&P 500 is climbing, but not every stock is along for the ride. As correlations fall, investors are getting more selective and looking harder at fundamentals. Image: Goldman Sachs Global Investment Research
Volatility Control Funds Estimated Equity Allocation Vol-control funds are stretched at the 98th percentile, leaving them close to max long with little firepower for another round of buying. A volatility spike could leave them exposed. Image: Deutsche Bank Asset Allocation
Indexed Return of Cyclicals vs. Defensives and U.S. Current Activity Indicator U.S. stocks are turning more defensive as months of elevated interest rates cloud the growth outlook. Image: Goldman Sachs Global Investment Research
U.S. New Private Housing Units Authorized by Building Permits and Recessions In September, U.S. building permits declined to 1.400 million. Historically, building permits tend to peak and then decline prior to economic recessions. Image: Federal Reserve Bank of St. Louis
Small Cap Equity Positioning Small-cap positioning remains very light, sitting in the 16th percentile. Any pickup in investor interest could leave plenty of room to add risk. Image: Deutsche Bank Asset Allocation
Broad Market Year-to-Date Performance Europe has plenty of problems and plenty of pessimists. But European assets have outperformed U.S. markets over the past two years. Sometimes markets don’t get the story right. Image: BCA Research