Stocks and bonds are really expensive

On Thursday, stocks in New York were higher as the Dow is now within 90 points of reclaiming the 18,000 level and the S&P 500 is within 20 points of 2,100.

Bond yields, meanwhile, remain near recent lows with the 10-year yield at 1.98% and the 30-year yield sitting at 2.56%.

Via Credit Suisse, here’s a reminder that when you look at the price of these assets relative to historical trends, they look awfully expensive.

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