Search Results for: 10-year

Real Gold Price vs U.S. 10-Year TIPS The relationship between gold and real yields has been evolving over time. Image: Morgan Stanley Research

Stocks – MSCI Europe Value vs. Growth and 10-Year UST Yield Will European value stocks underperform European growth stocks in the second half of 2023? Image: J.P. Morgan

S&P 500 Fwd Earnings Yield – U.S. 10-Year Treasury Yield Is it time for investors to switch from U.S. stocks to U.S. Treasury bonds? Image: The Daily Shot

U.S. 10-Year Treasury Yield and Fair Value Model How much higher could bond yields potentially go before they peak? Image: Alpine Macro

Market Depth on 10-Year USTs and 10-Year Bund Futures Will market depth on 10Y USTs and 10Y Bund futures continue to improve? Image: J.P. Morgan

Valuation – S&P 500 Forward P/E and U.S. 10-Year U.S. TIPS Yield Higher real rates tend to have a negative effect on the S&P 500 forward P/E multiple. Image: The Daily Shot

U.S. Recession – 3-Month T-Bills Minus 12-Month CPI Inflation and 10-Year Treasury Rate Minus 12-Month CPI Inflation Historically, there has never been a recession in the United States with negative real interest rates. Image: Gavekal, Macrobond

Stocks – MSCI EMU Earnings Yield Minus Real 10-Year Bund Yield (Equity Risk Premium) The equity risk premium below its 10-year average does not bode well for eurozone stocks. Image: Gavekal, Macrobond

Yield Curve – U.S. 10-Year – 2-Year Government Bond Spread The U.S. 10Y-2Y yield curve remains deeply inverted. Could this time be different from past cycles? Image: The Daily Shot

Valuation – S&P 500 Forward P/E and 10-Year U.S. Real Yield Higher real rates tend to suggest a lower S&P500 forward P/E multiple. Image: Goldman Sachs Global Investment Research