Pushed bond yields down, by pushing bond prices up. If you believe in value investing, the same process has pushed stock yields down (where yield is measured i

Pushed bond yields down, by pushing bond prices up. If you believe in value investing, the same process has pushed stock yields down (where yield is measured in terms of earnings, ie the reciprocal of the P/E ratio). A step change down in interest rates can drive a rapid price appreciation in stocks as the value of future earnings gets pulled forward, at the cost of slower long-term appreciation after that run-up.