http://en.wikipedia.org/wiki/Fed_model
Over the period from 1999 to 2010 was reported to be –0.80 with statistical significance. The Fed model equilibrium specifically seemed to break down during the height of the financial crisis in 2008, when the yield on 10-year Treasuries reached an all-time low at 2.4% whereas the S&P 500 earnings yield reached a 20-year-high at more than 8%, a gap of 6 percentage points.
Over the period from 1999 to 2010 was reported to be –0.80 with statistical significance. The Fed model equilibrium specifically seemed to break down during the height of the financial crisis in 2008, when the yield on 10-year Treasuries reached an all-time low at 2.4% whereas the S&P 500 earnings yield reached a 20-year-high at more than 8%, a gap of 6 percentage points.
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