U.S. Cycle – Macro Regime Indicator
U.S. Cycle – Macro Regime Indicator The KKR’s macro regime indicator is still in the mid-cycle expansion phase. Image: KKR & Co.
U.S. Cycle – Macro Regime Indicator The KKR’s macro regime indicator is still in the mid-cycle expansion phase. Image: KKR & Co.
U.S. Cycle Indicator The KKR’s U.S. cycle indicator from KKR is still in the mid-cycle expansion phase. Image: KKR & Co.
Returns – R-squared of Fed Balance Sheet YoY vs. YoY Change in S&P 500 Market Capitalization that is not Driven by Earnings Since 2010, the Fed balance sheet expansion tends to explain 52% of S&P 500 returns. Image: BofA US Equity & Quant Strategy
Household Equity Ownership vs. Fed Balance Sheet The expansion of the Fed’s balance sheet tends to increase household equity ownership. Image: Real Investment Advice
Major Central Bank Assets vs. S&P 500 Index The expansion of central bank balance sheets tends to push the S&P 500 Index higher. Is the sky the limit? Image: Lohman Econometrics
U.S. Markets – 12-Month Return Boost/Drag vs. Average When the U.S. business cycle is in the expansion phase, the S&P 500 tends to have above-average returns over the next 12 months. Image: Morgan Stanley Research
Global Manufacturing PMI Despite a slight decline, global manufacturing activity remains expansionary. Image: J.P. Morgan Asset Management
Major Economies Central Banks Total Assets and MSCI ACWI Central bank balance sheet expansion is expected to push equities higher. Image: BofA Global Research
Major Central Bank Balance Sheets JPMorgan expects asset price inflation, as the expansion of global central bank balance sheets could reach $5tn in 2021. Image: Financial Times
Cumulative Central Bank Balance Sheets Who’s afraid of the balance sheet expansion by central banks? Image: Bianco Research