Treasury Bills Gain Popularity as Stock Alternative.

The 3-month U.S. Treasury bill rate is now higher than the yield on earnings derived from generally accepted accounting principles for companies in the S&P 500 Index, prompting some investors to debate whether equities are worth the risk anymore. High-quality fixed income such as T-bills and investment-grade corporate bonds are having their moment, offering what investors see as better competitive returns. The Fed’s determination to restore price stability is pushing T-bill rates to multi-year highs, while putting a dent in the performance of most U.S. stocks in 2023.