The comments attributing this to zirp are spot on. This is also the effect of the popularity of passive index investing. The average person has been told they s

The comments attributing this to zirp are spot on. This is also the effect of the popularity of passive index investing. The average person has been told they should buy index funds, so the perceived safety and growth of tech monopolies trickles down and overvalues anything on the s&p. It's also worth realizing that finance is very global. If the whole world of reasonable investments were not also in countries with zero rates, there would be a huge painful exodus from the US market now. The fed is very wary of this and it's what has kept the rates nominally above zero. Some smart volker-like creature will raise rates somewhere. That place will become a great place to live and invest. It just hasn't emerged.