In our latest podcast, we take a tour of recent financial market history, using expected returns for short-term US Treasury Bills and the S&P 500 as our guide. In response to the Great Financial Crisis, for the first time in American history, the Federal Reserve brought interest rates down to zero. This was momentous. Against expectations, the Fed kept interest rates at zero all the way through Covid. The Fed wouldn't materially raise rates until 2021. They did so in a hurry. Now, we are faced with an equally unprecedented environment where US Treasury Bills offer similar expected returns to the S&P 500. We do not expect this situation to last long. Tune in below for more details.