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Economy

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U.S. yield curve steepness

U.S. yield curve steepness.png

International valuations are at 20 plus year lows vs. U.S.

International valuations are at 20 plus year lows vs. U.S..png

No bear market since 2009? Guess again

No bear market since 2009 Guess again.png

The 4Q2018 pace of downgrades from A into BBB is the largest since the late-2015 wave of commodity-related fallen angels

BBB U.S. corporate debt as % of investment grade market

BBB U.S. Corporate Debt as % of Investment Grade Market.png

United State: state and local government retirement funds, 2016

United State - State and Local Government Retirement Funds, 2016.png

Interest costs rising for U.S. government

Interest Costs Rising for U.S. Government.png

U.S. government debt/government revenue

U.S. Government Debt-Government Revenue.png

U.S. revenue as a percentage of GDP and top marginal tax rate, 1935-2011

U.S. Revenue as a Percentage of GDP and Top Marginal Tax Rate, 1935-2011.png

Federal spending and revenue as a share of U.S. GDP

Federal Spending and Revenue as a Share of U.S. GDP.png

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