Paying up for equity risk

As we are entering the Q3 result season, it is important to remember that the yield on US 6 month Treasuries is now more than 1% higher than the earnings yield of the S&P 500. Literally investors are currently paying up to take equity risk, which appears counterintuitive to say the least. This has not happened in the last 2 decades. Has the Fed overdone its job ? Are earnings expected to grow massively from here ? As we doubt it we stay focussed on quality companies with low valuations and add short term bonds to our customers portfolios.