S&P's Dividend Yield Now Beats Treasuries

U.S. equities now look more attractive relative to Treasuries for income-seeking investors. The S&P 500 blended 12-month forward dividend yield offers about two basis points more than U.S. 10-year notes currently pay, after the summer bond rally. Lower interest rates help bulls justify lofty equity prices but to bears they portend weak economic growth that will undercut risk assets soon enough.

— With assistance by Cormac Mullen

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