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: Yields on deposits are still laughably behind at many banks



John Luke: and with the recent “crisis”, large banks have little incentive to offer market rates




John Luke: And while it took awhile for money to take advantage of higher money market yields




Beckham: money is definitely moving to where it’s being compensated relative to the risk




Brad: And while this bond bear market has been persistent in its damage


Source: Strategas as of 03.27.23


John Luke: allocators are moving fast to adjust their allocations given the higher yields now available in bonds


Data as of 03.24.23


Brad: One return driver that’s been historically absent in recent years has been equity dividends


Data as of 03.24.23


Joseph: and valuations on dividend havens like utilities have suffered as relative yields have fallen


Source: Strategas as of 03.27.2023


Brad: When it comes to sector valuations, energy sits in a different universe than the rest of the market


 Source: Strategas as of 03.27.2023


John Luke: which explains a good chunk of the discounted valuations in other global markets


Source: Bernstein as of 03.28.2023


John Luke: Correlations between stocks and bonds are as high as they’ve been in decades


Data as of 03.27.2023


John Luke: with CPI regimes historically a big driver in the diversification potential of bonds vs. stocks


Data as of 03.17.2023


Dave: Wall Street strategists are counting on strong growth in order to achieve consensus earnings estimates


Source: Morgan Stanley as of 03.28.2023


Dave: perhaps at odds with the historical outcomes when M2 money supply is falling sharply


 Source: Strategas as of 03.24.2023


Dave: One year in, a look at how this FOMC rate cycle has impacted major assets compared to previous cycles


 Source: Strategas as of 03.17.2023






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