Over the past 40 years, due in part to actions by the Federal Reserve, Americans have become more and more obsessed with yield. Highlighted in Figure 1, after peaking at 15.8% in September 1981, the US 10 yr Treasury yield bottomed at 0.5% in August 2020. As intended, the lower ‘risk-free rate’ increased demand for yield assets, thereby increasing values. The higher valuations created household wealth, stimulated consumer spending, and enhanced GDP growth beyond what would’ve been if not for the Fed intervention.