Treasury yields have risen to historic levels, with only 3% of S&P 500 stocks now offering higher dividend yields than the 10Y Treasury Note.
Macro & Markets ·
Treasury yields have climbed to levels where only about 3% of S&P 500 stocks now offer dividend yields higher than the 10-year Treasury Note, marking the lowest proportion since May 2007 and among the lowest readings since the early 1970s. The share has dropped 40 percentage points since the beginning of 2022, contrasting sharply with July 2016 when 63% of S&P 500 stocks exceeded the 10-year yield—then at an all-time high outside the 2020 pandemic period. The long-term average dating to the 1970s stands at 18%.