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Economy

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US HY bond and leveraged loan recovery rates % since 2000

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Euro HY and US HY since 1999

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Equities have typically troughed 6-9 months before earnings reach their low in past bear markets

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Inflation/deflation cycles historically average 18 years since 1870

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US treasury yields since 1990

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2020 Election: Agenda (Amundi Pioneer 2020)

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Government Debt as % of GDP (IMF 1990-2020)

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US CPI college tuition & fees NSA year-on-year price increase (%) since 1981

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Ratio of property prices to household income in select cities

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Reversal of four secular corporate tailwinds could weigh on profit margin expansion over the longer term

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