{"code":"us.equity.excess_yield","node":{"code":"us.equity.excess_yield","name":"S&P 500 earnings yield minus real 10-year yield","unit":"pp","freq":"M","kind":"derived","source":{"publisher":"Computed by findash","keyShown":"earnings-yield-real10y","note":"Derived series — see the formula and inputs in its lineage; every input resolves to a publisher."},"last":{"date":20260731,"value":1.5399999999999996,"ingestedAt":1790269418},"derivation":{"formula":"earnings-yield-real10y","plain":"S&P 500 trailing earnings yield minus the 10-year inflation-adjusted Treasury yield: what stocks earn over the safe real alternative.","inputs":[{"code":"us.equity.earnings_yield","name":"S&P 500 trailing earnings yield","plain":"US share earnings yield","unit":"%","freq":"M","kind":"static","source":{"publisher":"S&P DJI S&P 500 factsheet, 31 Jul 2026 — https://www.spglobal.com/spdji/en/indices/equity/sp-500/","keyShown":"valuation/us_sp500_earnings_yield","note":"Hand-entered from the cited source (confidence: VERIFIED); review due 202609."},"plausibleMin":1,"plausibleMax":15,"last":{"date":20260731,"value":4.01,"ingestedAt":1788400834}},{"code":"us.rates.10y_real","name":"UST 10Y TIPS real yield","plain":"Real yield (after inflation)","unit":"%","freq":"D","kind":"fetched","source":{"publisher":"FRED, Federal Reserve Bank of St. Louis","url":"https://fred.stlouisfed.org/series/DFII10","keyShown":"DFII10"},"last":{"date":20260922,"value":2.63,"ingestedAt":1790269379}}]}},"consumers":{"gauges":[],"indicators":[],"tripwires":[],"positions":[{"slug":"own-the-world","title":"Own the world","test":"US equity earnings yield minus real bond yield"},{"slug":"own-america","title":"Own America, but no more than the world already gives you","test":"US equity earnings yield minus real bond yield"}]}}