A man enters the US Treasury Department building on Pennsylvania Avenue in Washington in January 2017. The 3-month Treasury yield is higher than the average 12-month dividend yield on the S&P 500 equity index for the first time in a decade. Photo: AFP A man enters the US Treasury Department building on Pennsylvania Avenue in Washington in January 2017. The 3-month Treasury yield is higher than the average 12-month dividend yield on the S&P 500 equity index for the first time in a decade. Photo: AFP
A man enters the US Treasury Department building on Pennsylvania Avenue in Washington in January 2017. The 3-month Treasury yield is higher than the average 12-month dividend yield on the S&P 500 equity index for the first time in a decade. Photo: AFP
Nicholas Spiro
Opinion

Opinion

Macroscope by Nicholas Spiro

Why investors are turning to 3-month Treasury bills and other cash assets over the hunt for yield

  • Nicholas Spiro says having suffered heavy losses in emerging markets, global equities and US corporate bonds, investors are turning to money market instruments

Nicholas Spiro
Nicholas Spiro

Updated: 10:24pm, 29 Nov, 2018

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A man enters the US Treasury Department building on Pennsylvania Avenue in Washington in January 2017. The 3-month Treasury yield is higher than the average 12-month dividend yield on the S&P 500 equity index for the first time in a decade. Photo: AFP A man enters the US Treasury Department building on Pennsylvania Avenue in Washington in January 2017. The 3-month Treasury yield is higher than the average 12-month dividend yield on the S&P 500 equity index for the first time in a decade. Photo: AFP
A man enters the US Treasury Department building on Pennsylvania Avenue in Washington in January 2017. The 3-month Treasury yield is higher than the average 12-month dividend yield on the S&P 500 equity index for the first time in a decade. Photo: AFP
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Nicholas Spiro

Nicholas Spiro

Nicholas Spiro is a partner at Lauressa Advisory, a specialist London-based real estate and macroeconomic advisory firm. He is an expert on advanced and emerging economies and a regular commentator on financial and macro-political developments.