The nuanced relationship between rates & equity valuation
CAPE VERSUS BOND YIELD
40
40
35
35
DEVELOPED MARKETS EX-US
30
30
25
25
20
20
15
15
US PRIOR TO 2014
10
10
R² = 0.52
R² = 0.38
5
5
-101234567891011 GOVERNMENT BOND YIELD %
1
Sources: MSCI, Bloomberg
56
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