Archive: https://archive.today/oXTnS
From the post:
>Grantham’s valuation claim leans on a long historical baseline. He says the market’s price-to-earnings ratio has averaged more than 60% higher from 2010 to today than during the prior 100 years, a persistent premium he attributes in part to a long stretch of unusually cheap money.
However, the 10-year Treasury yield sits at 4.41% as of June 24, 2026, in the 81.5th percentile of its trailing 12-month range. The federal funds rate target upper bound is 3.75%, where it has been held steady since December 11, 2025. Inflation, meanwhile, has continued to grind higher, with CPI reaching 333.979 in May 2026, the high of the trailing year.
Archive: https://archive.today/oXTnS
From the post:
>>Grantham’s valuation claim leans on a long historical baseline. He says the market’s price-to-earnings ratio has averaged more than 60% higher from 2010 to today than during the prior 100 years, a persistent premium he attributes in part to a long stretch of unusually cheap money.
However, the 10-year Treasury yield sits at 4.41% as of June 24, 2026, in the 81.5th percentile of its trailing 12-month range. The federal funds rate target upper bound is 3.75%, where it has been held steady since December 11, 2025. Inflation, meanwhile, has continued to grind higher, with CPI reaching 333.979 in May 2026, the high of the trailing year.
