美股收益率与债券收益率：标普500指数收益率，与BBB级公司债券收益率之间的差距已降至-1.9%，为15年来最低水平。这也是自2009年以来的最低水平，如果排除那段短暂时期，则为23年来最低水平。差距缩小表明，与公司债券相比，股票的回报吸引力正在下降，这可能表明投资者情绪和市场状况正在发生变化。

Earnings Yield vs. Bond Yield: The gap between the S&P 500’s earnings yield and the yield on BBB-rated corporate bonds has fallen to -1.9%, the lowest level in 15 years. This is also the lowest since 2009, making it the lowest in 23 years when excluding that brief period. This narrowing gap suggests that the returns from stocks are becoming less attractive compared to corporate bonds, which could indicate changing investor sentiment and market conditions.