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CHIEF INVESTMENT OFFICE Viewpoint

S&P 500 price-to-earnings (P/E) ratio (next 12 months) is at 21x, higher than the historical average, but : has declined this year as earnings have risen. The S&P 500 earnings yield is 335 basis points (bps) above . the 10-year Treasury yield, indicating more upside for Equities relative to Fixed Income. Low -but-positive

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