The last time that the S&P 500 dividend yield was below the 3-month Treasury bill yield was back in February 2008, before both Lehman Bros and Bear Stearns collapsed. And before Fannie Mae and Freddie Mac were placed into conservatorship on September 6, 2008.
But yes, for the last several trading days the S&P 500 dividend yield has been BELOW the 3-month Treasury bill yield once again.
Oddly, Fannie Mae and Freddie Mac are STILL in conservatorship with their regulator, FHFA while Lehman Brothers and Bear Stearns are but a grim reminder of the financial crisis.
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On a side note, the actor to the left of Ryan Gosling in the film “The Big Short” is a former student of mine.
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