'Equity risk premium' is still barely above zero

Forward earnings yield on S&P 500 minus 10-year Treasury yield (% points)

If the equity risk premium is negative, then the yield on a 10-year Treasury is greater than the earnings yield on the S&P 500. This is counter to the idea that investors are paid a “premium” to invest in risky stocks vs risk-free government bonds.
Source: Bloomberg as of 11 March 2025.Get the dataCreated with Datawrapper