Homrich & Berg says 10-year real yields at 2.4% leave stocks expensive versus bonds

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Reuters2026/07/28 18:34

By:Reuters

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Homrich & Berg flagged a tougher outlook for US stocks as 10-year Treasury real yields hit 2.4%, the highest since fall 2023.
S&P 500 trailing earnings yield stood at 3.67%, leaving a 123-bps spread versus the 10-year TIPS yield, the narrowest since the tech bubble.
Equity risk premium fell below 75% of observations since 1980, a regime historically linked to higher volatility and slower equity returns.
In comparable low-ERP periods, median forward S&P 500 returns were 2.6% over six months, 6% over 12 months.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Homrich & Berg Inc published the original content used to generate this news brief on July 28, 2026, and is solely responsible for the information contained therein.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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Homrich & Berg says 10-year real yields at 2.4% leave stocks expensive versus bonds

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