In the first article , I asserted that the relationship expressed in the simple equation EY - DY - 10y + 1y = 0 did a remarkable job of expressing the movements of the S&P earnings yield (EY), the S&P dividend yield (( DY )), the ten-year Treasury yield (10y), and the one-year Treasury yield (1y). EY - DY - 10y + 1y does not equal zero. Since the 1960s or thereabouts, we can say that EY - DY - 10y + 1y = CPI%.