Global equity records have been driven not only by corporate earnings but also by a historically low ‘‘price for risk’’ — the weak returns available from risk‑free alternatives. Lower risk‑free rates compress discount rates and make future company profits more valuable in present terms, supporting higher stock valuations. Investors comparing equities to low‑yielding safe assets have found equities relatively more attractive, contributing to persistent upward pressure on prices. As key drivers, earnings prospects and the yield gap versus safe investments together explain much of recent market strength. #equities #stocks #interestRates #bondYields #FiatNews