10y breakevens above 3% for the first time ever. Congratulations Fed…you got the fire lit. Probably time to stop squirting lighter fluid. pic.twitter.com/0aTBhJY0mB
— Michael Ashton (@inflation_guy) March 24, 2022
The S&P’s equity risk premium, or the spread of forward earnings yield to 10-yr Treasury yields, “has shifted rapidly from a healthy ‘buyable dip’” to a level associated with poor risk return. “A long SPX position really wants to see the 10 year get back towards 2.0%:” @mpurves3 pic.twitter.com/bUKvnvDu2K
— Lisa Abramowicz (@lisaabramowicz1) March 23, 2022