Inflation Assets vs. Deflation Assets

The leadership remains deflationary, and the laggards remain inflationary.

Deflation assets: government bonds, U.S. investment grade, S&P 500, U.S. consumer discretionary, growth and US high yield.
Inflation assets: TIPS, EAFE, U.S. banks, value and cash.

Image: BofA Global Investment Strategy

Inflation Assets vs. Deflation Assets