@BoringBiz_: Morgan Stanley just released a...

Morgan Stanley just released a fantastic 52 page deck on the state of markets and their asset allocation framework for June 2025

Some charts that caught my eye

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1/ Indicators have recently diverged between actual economic activity and sentiment

2/ Tariffs currently trending towards de-escalation...

3/ ...leading to more risk-on behavior in markets

4/ Public sector employment has exploded since 2022 and the private sector has not kept up

5/ Global bond yields are currently on the rise

6/ Muni over treasury yield ratios have moved higher since the end of last year

7/ European HY currently offering the highest yield across the bond market on a currency hedged basis

8/ Reserve bank of India recently shifted towards easing of financial conditions, which has historically been a positive for their stock market

9/ Floating rate loans have a negative 10yr correlation to US treasuries

10/ The real estate market has started to stabilize

11/ Asset allocation and positioning framework, according to Morgan Stanley

12/ Fixed income positioning framework, according to Morgan Stanley

13/ Equities positioning framework, according to Morgan Stanley

14/ Bond yields across developed and emerging markets

15/ Central bank policy rates, current vs 1m ago and 12m ago

16/ Treasury yields and performance

17/ Spreads across fixed income instruments

18/ Corporate bond market performance

19/ Default rates across HY corporate and loans

20/ Muni bond market update

21/ EM bond market update

22/ Fixed income asset class returns

23/ Current NTM P/E vs 10yr high/low and average in equities

24/ Current NTM P/E vs 10yr high/low and average across S&P sectors

25/ Corporate earnings growth across indices and S&P 500 sectors