I regressed the yields on the three and ten - year treasuries, and a triple -
B corporate bond spread series on twelve month trailing earnings yields for the S&P 500.
The continuing low level of government
bond yields has supported the search for yield that has been evident over the past couple of years, with the
spread between yields on US government debt and yields on both
corporate and emerging market debt remaining around historical lows over the past three months (Box
B).