The forward annual change in 7 year forward NGDP has dropped by 50%, starting with the Federal Reserve emergency extraordinary policy. These policies have been maintained for 12 years now and only some indication lately to normalize. This is called a Neo Fisherian sink or “Japanification”. Currently the term structure of NGDP is inverted.

Percentage SP500 over fair value using spot GDP is 0.108291

## [1] "2021-02-09"
## [1] "2020-09-02"

Wilshire 5000 is 0.2149774 overvalued to fair value using current GDP level.

##  (Intercept)         GDP7 
## -40028.76893      3.00321

## [1] "2021-02-09"
## [1] "2020-09-02"

MSFT is 47.9129872 % rich in relationship to GDP.