US ISM manufacturing minus China PMI manufacturing (relative) 
Housing markets globally are cracking
ISM < 45 has historically coincided with negative payrolls
The Lowest Interest Rates in 5000 Years
21st vs 20th Century Stock Market Valuations
The trailing P/E ratio of the S&P 500 back to 1900
The trailing P/E ratio of the S&P 500 back to 1900
US government spending as % of GDP
Markets stop panicking when Central Banks start panicking
For many, higher rates a good thing (especially in Europe)
Government bonds the ‘flow winner’ so far in 2023
Treasury funds on track for $170bn inflows in 2023
Equity funds on track for $107bn inflows in 2023
EAFE continues to lead in 2023
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