We look at the performance of equities and intermarket relationships across different real yield and inflation breakeven regimes. Today, real yields are starting to drive changes in nominal yields, which is supportive for equity gains In a recent report for clients, we reiterated the importance of tracking the evolution of real yields and breakevens to assess equity risks. We have looked as far back as 1971 to better understand the track record of equities (and other cross-asset relationships) across different market regimes based on changes in real yields and inflation breakevens.