U.S. Dollar Debt in Emerging Markets This chart shows the wall of dollar debt in emerging markets over the next decade. Image: Financial Times

EUR/USD and Differential in Balance Sheet Growth Fed – ECB Chart suggesting that differentials in balance sheet growth between the Fed and the ECB have pushed the U.S. dollar higher. Image: BofA Merrill Lynch Global…

U.S. High Yield Credit Spreads and Recessions Chart suggesting that there is little recession fear baked into U.S. high yield credit spreads at the moment. Image: J.P. Morgan

U.S. Corporate Leverage U.S. corporate leverage is high and close to its previous peak on a net debt to EBITDA. Image: Goldman Sachs Global Investment Research

Gold Price and Central Bank Gold Sales & Purchases Chart suggesting that gold purchases from central banks have contributed to the rise in gold prices. An R² of 0.85 (since 2004) is quite high and…

Global Equities vs. Global Manufacturing PMI Chart suggesting that market participants expect global manufacturing PMI to rebound strongly. Image: Topdown Charts

U.S. Labor Productivity and Real Interest Rates Chart suggesting that low real interest rates have a major impact on U.S. labor productivity growth Image: Gavekal, Macrobond

Strong vs. Weak Balance Sheet Stocks Forward P/E Ratio and CCC/BB OAS Ratio Quality in U.S. credit and equity markets is very expensive. Image: Goldman Sachs Global Investment Research

Asian Exports There is a glimmer of hope of a recovery in Asian exports. The free fall in Japan, Taiwan and South Korea exports in early 2019 has stopped. Image: Danske Bank

U.S. Corporate Bond Ownership More than 25% of U.S. corporate bonds are held by insurance companies. Many investment grade investors are not allowed to hold junk-rated bonds. Any drop in the credit ratings could amplify…

Breaking Down Income Inequality in the U.S. Income inequality in the U.S. worsens. This chart puts things into perspective. Image: howmuch.net