Capitalytics

**Regression for Moody's BAA Curve**

	Dependent variable (+/- SE):

	Moody's BAA Curve

Constant	1.218 (+/- 0.494)
	p = 0.020^**
Moody's AAA Curve	1.494 (+/- 0.129)
	p = 0.000^***
Real GDP growth	-0.098 (+/- 0.022)
	p = 0.0002^***
Nominal GDP growth	0.103 (+/- 0.023)
	p = 0.0002^***
CPI Inflation Rate	-0.089 (+/- 0.021)
	p = 0.0003^***
Prime Rate	-0.489 (+/- 0.102)
	p = 0.00005^***
7-year Treasury Yield	0.292 (+/- 0.094)
	p = 0.005^***
LN_7-year Treasury Yield	-1.066 (+/- 0.116)
	p = 0.000^***
3-month Treasury Yield	0.505 (+/- 0.103)
	p = 0.00004^***
LN_1-year Treasury Yield	0.144 (+/- 0.036)
	p = 0.0004^***
30-year Treasury Yield_2	-0.070 (+/- 0.015)
	p = 0.0001^***

Observations	40
R²	0.995
Adjusted R²	0.994
Residual Std. Error	0.077 (df = 29)
F Statistic	604.014^*** (df = 10; 29)

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