Central Banks Main Policy Rate and Balance Sheet – Advanced Economies vs. Emerging Markets Many central banks are running low on ammunition to fight the next downturn, after a decade of cheap money. Image: BofA…

Consumer Spending Contribution to U.S. GDP Consumer spending, which accounts for about 70% of the U.S. economy, is driving GDP growth solo. Image: Oxford Economics

Atlanta Fed GDPNow vs. U.S. GDP Growth The art of forecasting U.S. GDP: Atlanta Fed GDPNow vs. U.S. GDP growth. Image: Bloomberg

S&P 500 Returns After 20%-plus Gains at the End of October Historically, the return for the last two months has averaged 6.2%. Image: LPL Research

Federal Reserve Broad Dollar Indexes The dollar’s current level in real terms is elevated, but lower than previous peaks. Image: Peterson Institute for International Economics

Global Debt Levels – Advanced Economies and Emerging Markets Historically, high debts create serious risks. Global debt levels have increased significantly since the Global Financial Crisis. Image: BofA Merrill Lynch Global Research

S&P 500 vs. U.S. CEO Confidence Survey Economic Expectations The S&P 500 is in “Fear of Missing Out” mode, while CEO confidence has fallen to its lowest level in a decade. Image: Nordea and Macrobond

Global GDP Growth Outlook vs. Consensus SocGen remains below the consensus forecasts and expects a mild recession around mid-2020 in the U.S. and a projected U.S. GDP of 0.7%. Image: Societe Generale Cross Asset Research

Probability of U.S. Recession in the Next 12 Months Chart suggesting that the probability of U.S. recession in the next 12 months has turned lower in recent weeks to 10%. Image: Morgan Stanley Research

Range of Returns Two Years After Fed Rate Cut Historically, equities rally significally, when the Fed eases during soft patches. Image: Barclays Research