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The 10 year Treasury yield
The 10 year US Treasury yield is what you earn lending money to the US government for ten years. It sounds like a bond market detail and it isn't. It's the number nearly every other asset gets priced against, quietly, whether anyone involved says so or not.
This page is where that yield sits today, where it's been at its extremes, and why equity valuations move with it. It also has the comparison people make constantly, the S&P 500's earnings yield against the 10 year, and the reason that comparison gives you two different answers depending on which earnings figure gets used. I built it because rates explain more of what happened to stock valuations over the last forty years than most people realise, and the mechanism is simple enough to hold in your head once someone spells it out. There's a section on the forty year fall in rates and what it did to valuations, which is the part I'd want you to read if you only read one.
Two sources, one for the yield series and one for the earnings multiples, both linked below with their dates. Note that the yield here is end of June 2026 while the earnings figures are from late July, so they're close together but not the same snapshot. Check the current numbers before you use any of this for anything.
The 10 year US Treasury yield was 4.44% at the end of June 2026. Its all time high was 15.68% in October 1981 and its all time low 0.55% in August 2020, a range of more than fifteen percentage points inside a single working lifetime. This is the rate against which every other asset is implicitly priced, which is why the S&P 500's earnings yield and the 10 year yield are compared so often, and why the 1981 to 2020 decline in rates was such a powerful tailwind for equity valuations.
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Below this point there are 7 sections, 1 chart and 2 named sources, roughly 1250 words of it. Every figure carries the source it came from and the date the data is from.
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