Chris Dillow 

The monopoly threat

Chris Dillow

Chris Dillow
The monopoly threat

US bonds and equities seem to be telling different stories. On the one hand, the S&P 500 has recouped many of the losses it suffered in March and now stands only 10 per cent down so far this year – which is remarkable resilience in the face of what will be record-breaking falls in economic activity. And the cyclically adjusted earnings yield on the S&P 500 is still well below its long-term average, which tells us that investors are optimistic about future growth.

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