Where this number comes from

S&P 500 earnings yield minus real 10-year yield

Every fact below is read from the registers the pipeline itself runs on — the series registry, the derivation register and the gauge definitions — not from prose maintained beside them. If a link or weight here is wrong, the dashboard is computing with the same wrong thing, and the audits fail.

The chain

S&P 500 earnings yield minus real 10-year yield us.equity.excess_yield computed by findash
Source
Computed by findash earnings-yield-real10y Derived series — see the formula and inputs in its lineage; every input resolves to a publisher.
Last observation
1.54 pp on 2026-07-31 stored 2026-09-24 16:04 UTC

earnings-yield-real10y S&P 500 trailing earnings yield minus the 10-year inflation-adjusted Treasury yield: what stocks earn over the safe real alternative.

Computed from 2 inputs, each with its own chain:

US share earnings yield us.equity.earnings_yield hand-entered from a cited source
Source
S&P DJI S&P 500 factsheet, 31 Jul 2026 — https://www.spglobal.com/spdji/en/indices/equity/sp-500/ valuation/us_sp500_earnings_yield Hand-entered from the cited source (confidence: VERIFIED); review due 202609.
Last observation
4.01 % on 2026-07-31 stored 2026-09-03 02:00 UTC
Sanity bounds
1 … 15 a fetched value outside these fails the series loudly instead of storing a plausible-looking wrong number
Real yield (after inflation) us.rates.10y_real fetched from the publisher
Last observation
2.63 % on 2026-09-22 stored 2026-09-24 16:02 UTC

What reads this series

Position tests

The same chain as JSON: /v1/series/us.equity.excess_yield/lineage · raw observations: /v1/series/us.equity.excess_yield/observations