Risk-Adjusted Returns Across the Treasury Strips Curve

Risk-Adjusted Returns Across the Treasury Strips Curve The distribution of strong returns across the Treasury curve has become very tight. Historically, this marks the beginning of the end. Image: Arbor Research & Trading LLC

U.S. Misery Index and Average Forward Returns

U.S. Misery Index and Average Forward Returns The U.S. misery index (core inflation + unemployment) is approaching all-time low, because both inflation and unemployment are very low. Historically, average forward returns have been higher than the overall S&P 500 average.

S&P 500 Total Return and U.S. High Yield/High Grade

S&P 500 Total Return and U.S. High Yield/High Grade Usually, flight to quality in credit markets is rarely a good sign for equities, but ECB QE, Fed easing and repo operations should be positive. Image: BofA Merrill Lynch

S&P 500 Return – Longest Bull Markets Ever

S&P 500 Return – Longest Bull Markets Ever Chart showing the longest equity bull markets ever. October 9, 2019 was the bottom in 2002 and peak in 2007. Image: Ryan Detrick, LPL Financial LLC

Returns Driven by Central Banks?

Returns Driven by Central Banks? This chart suggests that equity and credit markets are no longer driven by fundamentals, at the moment. Image: Deutsche Bank Global Research

S&P 500 LTM Return On Equity (ROE)

S&P 500 LTM Return On Equity (ROE) The S&P 500 LTM Return On Equity (ROE) gives a picture of corporate profitability and remains high relative to history. Image: Goldman Sachs Global Investment Research