Some charts from BofAML:
What is remarkable about this first YCC period – when the Fed capped yields at 2.5% to allow Treasury to fund cheap debt in WWII – is that as BofA’s Michael Hartnett points out it coincided with start of a huge rally in US stocks…
… multiple expansion as PEs soared from 7.7x in March 1942 to 22x in 2 years, nearly tripling over a very short period of time…