Global PMI vs. G10 Central Banks Rates Cut When Global PMI is weak, as is currently the case, G10 central banks have always cut rates. Image: Nordea and Macrobond

To Date, the Longest U.S. Expansion in History However, this chart shows that the average growth rate of the current expansion is among the slowest. Image: Bloomberg

Trailing 12-month Return Differential between U.S. and non-U.S. Stocks Not so long ago, international stocks led the way over U.S. stocks. They could beat US stocks over next decade. Image: Vanguard

The Secular Trend for U.S. Interest Rates This nice chart shows the U.S. 10-year Treasury yield against the natural rate (nominal R-Star) and monetary velocity. In a sense, it explains the secular trend for U.S.…

U.S. Industrial Production YoY by Segment since 2013 Another excellent chart showing the U.S. industrial production by segment. Image: Pervalle Global

Just a Normal Day… “Just a normal day at the nation’s most important financial institution…” Image: Kevin “Kal” Kallaugher

MOVE, VIX and Rising Economic Uncertainty Markets are oddly calm despite rising economic uncertainty. Image: Financial Times

10-Year German Bund Yield and German Manufacturing PMI The 10-year German Bund yield could go positive again as recession fears dissipate. Image: Pictet Wealth Management

European Equities Lead Bund Yields by 6 Months Because European equities tend to lead bund yields by 6 months, bund yields should turn higher. Image: Reuters

Gold vs. Short-term Treasury Yield This chart shows the correlation between gold and 2-year treasury yield (inverse). Gold rises on slowing global growth and short-term treasury yield inverse. Image: Jeroen Blokland

CEO Confidence & Business Confidence Deutsche Bank points out that something happened to CEO confidence and business confidence when the trade war escalated in 2018H2. Image: Deutsche Bank Global Research