Capitalytics

**Regression for BBB corporate yield**

	Dependent variable (+/- SE):

	BBB corporate yield

Constant	10.297 (+/- 0.198)
	p = 0.00000^***
Moody's AAA Curve	-2.841 (+/- 0.122)
	p = 0.00001^***
Moody's BAA Curve	1.309 (+/- 0.072)
	p = 0.00001^***
Real GDP growth	0.094 (+/- 0.006)
	p = 0.00003^***
Nominal GDP growth	-0.179 (+/- 0.006)
	p = 0.00001^***
Real disposable income growth	-0.219 (+/- 0.009)
	p = 0.00001^***
Nominal disposable income growth	0.228 (+/- 0.009)
	p = 0.00001^***
Unemployment Rate	-0.674 (+/- 0.011)
	p = 0.00000^***
CPI Inflation Rate	0.076 (+/- 0.005)
	p = 0.00003^***
30-year Mortgate Rate	-0.669 (+/- 0.027)
	p = 0.00001^***
Prime Rate	0.837 (+/- 0.026)
	p = 0.00000^***
Dow Total Stock Market Index	-0.0001 (+/- 0.00000)
	p = 0.00000^***
Home Price Index	0.004 (+/- 0.0005)
	p = 0.0004^***
Market Volatility Index	0.056 (+/- 0.001)
	p = 0.00000^***
LN_Market Volatility Index	-1.238 (+/- 0.037)
	p = 0.00000^***
US Avg Retail Gasoline Price ($-gal; all grades, all formulations)	0.154 (+/- 0.008)
	p = 0.00001^***
30-year Treasury Yield	3.253 (+/- 0.102)
	p = 0.00000^***
LN_20-year Treasury Yield	-9.817 (+/- 0.179)
	p = 0.00000^***
10-year Treasury Yield	5.557 (+/- 0.155)
	p = 0.00000^***
LN_10-year Treasury Yield	-11.613 (+/- 0.346)
	p = 0.00000^***
1-month Treasury Yield	-1.251 (+/- 0.035)
	p = 0.00000^***
LN_1-month Treasury Yield	-2.387 (+/- 0.047)
	p = 0.00000^***
7-year Treasury Yield	-6.896 (+/- 0.085)
	p = 0.000^***
LN_7-year Treasury Yield	19.193 (+/- 0.255)
	p = 0.000^***
3-month Treasury Yield	-0.553 (+/- 0.026)
	p = 0.00001^***
5-year Treasury Yield	-2.541 (+/- 0.099)
	p = 0.00001^***
LN_5-year Treasury Yield	7.522 (+/- 0.236)
	p = 0.00000^***
6-month Treasury Yield	3.037 (+/- 0.096)
	p = 0.00000^***
LN_6-month Treasury Yield	5.903 (+/- 0.168)
	p = 0.00000^***
LN_3-year Treasury Yield	-2.193 (+/- 0.118)
	p = 0.00001^***
1-year Treasury Yield	-1.135 (+/- 0.129)
	p = 0.0004^***
LN_1-year Treasury Yield	-6.577 (+/- 0.211)
	p = 0.00000^***
1-year Treasury Yield_2	-0.121 (+/- 0.004)
	p = 0.00001^***
3-year Treasury Yield_2	0.393 (+/- 0.006)
	p = 0.00000^***
20-year Treasury Yield_2	0.163 (+/- 0.008)
	p = 0.00001^***

Observations	40
R²	1.000
Adjusted R²	1.000
Residual Std. Error	0.006 (df = 5)
F Statistic	42,393.580^*** (df = 34; 5)

Note:	^p<0.1; ^p<0.05; ^**p<0.01