The Market in Pictures, March 24

Our team looks at a lot of research throughout each day. A few charts that caught our eye this week, and the way they fit the unfolding puzzle of evidence:

John Luke: The market sure seems to think the Fed is done hiking

Source: Bianco as of 03.22.2023

Joseph: and with the Fed’s forecasting record, it might make sense to follow the market’s lead

Source: Bianco as of 03.21.2023

John Luke: After an unprecedented series of hikes into an inverted yield curve

Source: Strategas as of 03.21.2023

Dave: markets now face the challenge of the backside of a hiking cycle

Source: Strategas as of 03.22.2023

Beckham: and a “not yet” potential easing cycle

Source: BNP Paribas as of 03.17.2023

John Luke: Market breadth is separating to the downside from the S&P 500

Source: Harvest Investor as of 03.20.2023

John Luke: as investors flock to the old MAGA names

Source: Goldman Sachs as of 03.21.2023

Dave: and active fund managers resume their position trailing behind major indices

Source: Strategas as of 03.21.2023

John Luke: The fears of those fund managers have flipped from rising rates to a credit crash

Source: BofA as of 03.21.2023

Dave: with this particular phase of the economy having a history of struggles

Data as of 03.21.2023

Brad: and historical recession warning lights flashing clearly

Source: Strategas as of 03.22.2023

Dave: 2022 looks to have ushered in an environment providing less cover than the negatively-correlating zig-zagging of bonds vs. stocks

Source: Strategas as of 03.20.2023

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