The difference between the benchmark U.S. 10-yr yield and the S&P 500 earnings yield is narrowing in favor of the treasuries to levels that have not been broken in 5-years
The spread is currently favoring S&P 500 earnings at around -1.70 from flat, the spread has not been flat or higher in about two decades
As the differential narrows, the incentives to hold risk is diminished as the U.S. front-end treasuries yield at around 4%
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