Fed Rate Cuts Priced In and Recession
Fed Rate Cuts Priced In and Recession Insurance cuts or recessionary cuts? It usually doesn’t end well, when the bond market begins to price in more than three rate cuts over the next 6 months.…
MSCI All Country World Index (ACWI) Dividend Yield Less U.S. 10-Year Yield
MSCI All Country World Index (ACWI) Dividend Yield Less U.S. 10-Year Yield When the spread has been greater than 1%, it has been a good support for the MSCI All Country World Index. Image: Exane…
Demographics and U.S. 10-year Treasury Yield
Demographics and U.S. 10-year Treasury Yield The trend in global savings has turned. The chart suggests that the dis-saving phase is likely to be inflationary. Image: Gavekal, Macrobond
Forward PE Ratio and Real 10-Year Treasury Rate
Forward PE Ratio and Real 10-Year Treasury Rate Lower real 10-year Treasury rates suggest lower equity market multiples. Image: Morgan Stanley Research
Global Negative Yielding Bonds
Global Negative Yielding Bonds This chart shows all bonds in the world at negative interest rates. Image: Goldman Sachs Global Investment Research
Total Allocated Exchange Reserves by Currency
Total Allocated Exchange Reserves by Currency The U.S. dollar represents 61% of all central bank foreign reserves. And the total value of all currencies held in foreign exchange reserves is almost $11 trillion. Image: howmuch.net
MSCI All Country World Index (ACWI) – Period of Consolidation
MSCI All Country World Index (ACWI) – Period of Consolidation Exane is bullish and suggests that the MSCI ACWI might be nearing an end to this period of consolidation. Image: Exane BNP Paribas
Stocks Dividend Yields Exceed Government Bond Yields in Major Countries
Stocks Dividend Yields Exceed Government Bond Yields in Major Countries In major countries, dividend yields are now significantly higher than yields on 10-year bonds. Image: Charles Schwab
Secular Growth Stocks Relative to Defensive Stocks
Secular Growth Stocks Relative to Defensive Stocks More downside ahead? This chart suggests that secular growth stocks are at risk. Image: Morgan Stanley Research
President Trump Tweets Contribute to Market Volatility
President Trump Tweets Contribute to Market Volatility President Trump’s tweets during his first term had a significant impact on financial markets, often contributing to increased volatility. During Trump’s second term, the dynamics appear similar. Image:…
Small Caps Debt-to-Equity Exceeds Large Caps
Small Caps Debt-to-Equity Exceeds Large Caps The debt-to-equity ratio of small caps exceeds large caps for the first time. Image: Arbor Research & Trading LLC