Global Manufacturing PMI and MSCI Global Auto Index This chart shows the pretty good correlation between Global Manufacturing PMI and the MSCI Global Auto Index (YoY change). Image: J.P. Morgan

Approval Rating Ahead of November Re-Election Bid President Donald Trump’s approval rating is lower than a president should be if he wants to be reelected. Image: J.P. Morgan

Fed Balance Sheet Projection According to the NY Fed, the Fed’s balance sheet could be between $3.8 trillion and $4.7 trillion by 2025. Image: UBS

Demographics – IMF World Gross National Savings as a Percent of GDP Aging populations may well boost savings. This chart is a very good illustration. Image: Bianco Research

Russell 2000 Trailing EV/EBITDA Multiples vs. Private Equity EBITDA Multiples This chart shows that private equity multiples are currently higher than public equity multiples. Image: Strategas

U.S. Long-Term Business Cycle and Fed Insurance Cut vs. Fed Recession Cut In recent history, when the U.S. long-term business cycle peaks in the 90th percentile and the Fed cut rates, a recession occurred. Image:…

U.S. House Prices Lead Real Personal Consumption Expenditure (PCE) Interesting chart suggesting that U.S. house prices lead real personal consumption expenditure by 6 months. Image: Oxford Economics, Macrobond

Conference Board Consumer Confidence: Expectations vs. Current Situation and Recessions Is the next recession on its way? Gloomy confidence expectations generally do not bode well. Image: Lohman Econometrics

S&P 500 vs. MSCI Emerging Markets Index This chart shows the strong performance of the S&P 500 against the MSCI Emerging Markets Index. Image: Financial Times

U.S. 10-Year Yields U.S. 10-year yields are currently 140 bps above developed peers and highest since 1984. Image: Arbor Research & Trading

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