Higher bond yields are a challenge for US equity valuations
ANALYSIS: For most of history, the earnings yield on the US equity market has been higher than US Treasury bond yields.
Lone-term US bond yields have now risen almost 4% over the past three years.
US long-term bond yields have risen about 1.4 percentage points in the past six months. About 0.2 percentage points of this rise reflects a rise in long-term inflation expectations, while the remaining 1.2 percentage points represents an increase in real (ie, inflation-adjusted) interest rates
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