A change in economic seasons? (Part 2 of 2)

In part 1 of this post, I mentioned that the relationship between stock dividend yields and bond yields (in particular, the 2 year treasury yield) had reversed recently for the first time in nearly a decade. For 50 years, bond yields were higher than stock dividends. After the great recession, stock dividend yields rivaled bond yields to the point where stock ownership seemed like a slam-dunk. And for the last 9 years, it has been.