S&P 500 Normalized P/E vs. Subsequent Annualized Returns Chart suggesting annual returns of around 5% over the next 10 years (R² = 0.79). Image: BofA Merrill Lynch US Equity & US Quant Strategy

Global Employment and Global Real Retail Sales Chart suggesting that the slowdown in global employment is expected to impact global real retail sales. Image: J.P. Morgan

Global Economy – 2020 Global GDP Projection The global economy is expected to grow by just 2.9% in 2020. Image: Bloomberg

S&P 500 Index Average Returns After Record Highs Since 1950, the S&P 500 has continued to reach record highs, but rarely in a straight line. Image: LPL Research

Valuation and Global Asset Price Cycle Interesting chart showing the current average overvaluation estimates across equities, bonds and house prices in major advanced economies. Image: Oxford Economics

Super-Cycles – Commodities, Stocks, and Bonds The importance of asset allocation and diversification: commodities, stocks, and bonds do not necessarily moved together over the long term. Image: Wells Fargo Investment Institute

U.S. Real GDP – Female vs. Male Economic Forecasters Who are better forecasters? Female or male economic forecasters? This chart shows why diverse teams are smarter. Image: Quill Intelligence, LLC

Asia Pacific Economic Data Leads the U.S. Economy This chart suggests that Asia Pacific economic data leads the U.S. economy since the Great Financial Crisis. U.S. economic data becomes laggard. Image: Arbor Research & Trading…

Money Market Fund Flows and Probability of a Recession in the Next 12 Months Chart suggesting that the probability of a recession in the next 12 months has decreased. Image: Goldman Sachs Global Investment Research

U.S. Business Cycle – Cumulative Real GDP Growth of U.S. Postwar Expansions and Forecast The current business cycle is the longest and weakest expansion. Chart showing the UBS forecast through year-end 2020. Image: UBS

S&P 500 2020 Target Models BofAML is bullish. The official S&P 500 2020 estimate is 3,300. Image: BofA Merrill Lynch US Equity & US Quant Strategy