One of the most bullish cases for equities now is the fact that the S&P 500’s dividend yield and the yield on the 10-Year Treasury Note have fully converged.  In early Q4 2018, “risk-free” yields on the 10-Year were at 3.23% versus a dividend yield of just 1.9% for the S&P 500.  With the yield on the 10-year falling more than 110 basis points since its peak in early November 2018, it makes the stock market significantly more attractive relative to risk-free rates at this juncture.  Choose one of Bespoke’s three premium subscription options for our most actionable research.

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