Capitalytics

**Regression for Moody's AAA Curve**

	Dependent variable (+/- SE):

	Moody's AAA Curve

Constant	-2.636 (+/- 0.320)
	p = 0.002^***
SP500 Stock Price Index	0.001 (+/- 0.0001)
	p = 0.0002^***
US Fed Reserve O-N Loan Rate	-1.194 (+/- 0.102)
	p = 0.0004^***
Moody's BAA Curve	0.919 (+/- 0.038)
	p = 0.00002^***
Real GDP growth	0.015 (+/- 0.002)
	p = 0.002^***
Real disposable income growth	-0.261 (+/- 0.020)
	p = 0.0002^***
Nominal disposable income growth	0.232 (+/- 0.017)
	p = 0.0002^***
Unemployment Rate	0.352 (+/- 0.030)
	p = 0.0004^***
CPI Inflation Rate	-0.178 (+/- 0.014)
	p = 0.0003^***
BBB corporate yield	0.856 (+/- 0.072)
	p = 0.0003^***
30-year Mortgate Rate	-0.455 (+/- 0.026)
	p = 0.0001^***
Dow Total Stock Market Index	-0.00001 (+/- 0.00000)
	p = 0.005^***
Home Price Index	-0.006 (+/- 0.0005)
	p = 0.0003^***
Market Volatility Index	-0.013 (+/- 0.002)
	p = 0.004^***
LN_Market Volatility Index	0.275 (+/- 0.045)
	p = 0.004^***
LN_30-year Treasury Yield	-4.063 (+/- 0.434)
	p = 0.001^***
20-year Treasury Yield	-4.156 (+/- 0.413)
	p = 0.001^***
LN_20-year Treasury Yield	12.601 (+/- 1.260)
	p = 0.001^***
LN_10-year Treasury Yield	-0.888 (+/- 0.160)
	p = 0.006^***
1-month Treasury Yield	0.248 (+/- 0.049)
	p = 0.008^***
LN_1-month Treasury Yield	1.191 (+/- 0.102)
	p = 0.0004^***
7-year Treasury Yield	3.028 (+/- 0.226)
	p = 0.0002^***
LN_7-year Treasury Yield	-4.927 (+/- 0.493)
	p = 0.001^***
5-year Treasury Yield	0.461 (+/- 0.055)
	p = 0.002^***
LN_5-year Treasury Yield	0.827 (+/- 0.164)
	p = 0.008^***
LN_6-month Treasury Yield	-2.242 (+/- 0.225)
	p = 0.001^***
3-year Treasury Yield	-1.733 (+/- 0.109)
	p = 0.0001^***
LN_1-year Treasury Yield	2.413 (+/- 0.228)
	p = 0.0005^***
1-year Treasury Yield_2	-0.147 (+/- 0.008)
	p = 0.0001^***
3-year Treasury Yield_2	-0.203 (+/- 0.035)
	p = 0.005^***
6-month Treasury Yield_2	0.238 (+/- 0.011)
	p = 0.00003^***
5-year Treasury Yield_2	-0.039 (+/- 0.007)
	p = 0.007^***
3-month Treasury Yield_2	-0.036 (+/- 0.004)
	p = 0.001^***
7-year Treasury Yield_2	0.393 (+/- 0.051)
	p = 0.002^***
1-month Treasury Yield_2	0.037 (+/- 0.006)
	p = 0.004^***
10-year Treasury Yield_2	-0.049 (+/- 0.010)
	p = 0.009^***

Observations	40
R²	1.000
Adjusted R²	1.000
Residual Std. Error	0.004 (df = 4)
F Statistic	65,361.240^*** (df = 35; 4)

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