S&P 500 Forward 2-Year P/E Ratio

S&P 500 Forward 2-Year P/E Ratio The U.S. stock market is pricing in a V-shaped economic recovery. Image: Goldman Sachs Global Investment Research

Small Bank Lending and 2-Year/Fed Funds Spread

Small Bank Lending and 2-Year/Fed Funds Spread This chart shows the correlation between small bank lending and falling rates, and the negative effect of an inverted yield curve on small bank lending. Image: TS Lombard

U.S. 10-Year/2-Year Yield Curve and Recession

U.S. 10-Year/2-Year Yield Curve and Recession After the first Fed rate cut, a steepening of the U.S. 2-Year/10-Year spread could suggest a recession is coming. Image: UBS

Rolling 12-Month % Change in the S&P 500

Rolling 12-Month % Change in the S&P 500 An economic slowdown or a hawkish pivot from the Fed could have a substantial impact on U.S. equities, potentially causing declines even if a recession does not occur. Image: Goldman Sachs Global Investment Research

U.S. Rates – Treasury Yield Forecasts

U.S. Rates – Treasury Yield Forecasts Deutsche Bank forecasts the 10-year UST yield at 4.65% by year-end 2025, driven by potential increased tariffs, fiscal easing and deregulation, which may lead to stronger economic growth and higher inflation. Image: Deutsche Bank