Valuation - S&P 500 Fwd 12-Month P/E Multiple vs. EPS Yield Gap vs. Real 10-Year U.S. Treasury

So far in 2026, U.S. equities have digested higher rates mostly through multiple compression, leaving the valuation gap to bonds largely intact.

Image: Goldman Sachs Global Investment Research

S&P 500 Fwd 12-Month P/E Multiple vs. EPS Yield Gap vs. Real 10-Year U.S. Treasury