Is the market becoming risk averse?

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Have equities fallen out of favor with investors? The relationship between the S&P 500 index and the yield on 10Y US Treasuries is charted below. As treasury yields rise, more portfolios may allocate funds to these essentially riskless instruments. A ratio of 1000 would be achieved with a 3,750 S&P index level and a 3.75% yield which seems very plausible before the end of 2022 based on the comments from the FED.