Economy

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US Federal debt as % GDP (Bofa 1790-2020)

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A recession in 2020 could be above average in severity

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US 60/40 Equity/Bond Portfolio T10Y Returns

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Incumbent US Presidents to Lose Re-Election Since Great Depression (Bloomberg 2020)

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10-year US Government Yields Hit Fresh All-Time Multi-Century Lows Overnight (Deutsche Bank 1786- 2020)

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Real Assets at all-time lows vs. Financial Assets (World Bank 1925-2020)

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Stocks have typically been a leading indicator for the economy

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NDR Crowd Sentiment Poll 2002-2019

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Politics Don't Matter: Historically a Divided vs. Unified Government Both Perform Well (Bloomberg 1937-2019)

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Total Market Cap/ GDP (Bloomberg 1980-2020)

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