{
    "terms": {
        "url": "https://www.bankofcanada.ca/terms/"
    },
    "groupDetail": {
        "label": "Chart 1: Risk premiums and spreads are compressed and valuation measures are elevated relative to their historical distribution",
        "description": "Percentile of historical distribution\n\nNote: Percentiles reflect the period of June 2008 to May 2026. 1-year forward earnings yield is the inverse price-to-earnings ratio.\n\nSources: Bloomberg Finance L.P., London Stock Exchange Group and Bank of Canada calculations",
        "link": "https://www.bankofcanada.ca/?p=253365"
    },
    "seriesDetail": {
        "FSR_2026_C1_S1": {
            "label": "May 2025",
            "description": "May 2025",
            "dimension": {
                "key": "k",
                "name": "Category"
            }
        },
        "FSR_2026_C1_S2": {
            "label": "May 2026",
            "description": "May 2026",
            "dimension": {
                "key": "k",
                "name": "Category"
            }
        },
        "FSR_2026_C1_S3": {
            "label": "Historical median",
            "description": "Historical median",
            "dimension": {
                "key": "k",
                "name": "Category"
            }
        }
    },
    "observations": [
        {
            "k": "Equity risk premium|TSX",
            "FSR_2026_C1_S1": {
                "v": "8.5"
            },
            "FSR_2026_C1_S2": {
                "v": "1.9"
            },
            "FSR_2026_C1_S3": {
                "v": "50.0"
            }
        },
        {
            "k": "Equity risk premium|S\u0026P 500",
            "FSR_2026_C1_S1": {
                "v": "8.1"
            },
            "FSR_2026_C1_S2": {
                "v": "4.8"
            },
            "FSR_2026_C1_S3": {
                "v": "50.0"
            }
        },
        {
            "k": "1-year forward earnings yield|TSX",
            "FSR_2026_C1_S1": {
                "v": "32.9"
            },
            "FSR_2026_C1_S2": {
                "v": "23.8"
            },
            "FSR_2026_C1_S3": {
                "v": "50.0"
            }
        },
        {
            "k": "1-year forward earnings yield|S\u0026P 500",
            "FSR_2026_C1_S1": {
                "v": "19.2"
            },
            "FSR_2026_C1_S2": {
                "v": "17.5"
            },
            "FSR_2026_C1_S3": {
                "v": "50.0"
            }
        },
        {
            "k": "Investment-grade spreads|Canada",
            "FSR_2026_C1_S1": {
                "v": "54.6"
            },
            "FSR_2026_C1_S2": {
                "v": "0.3"
            },
            "FSR_2026_C1_S3": {
                "v": "50.0"
            }
        },
        {
            "k": "Investment-grade spreads|United States",
            "FSR_2026_C1_S1": {
                "v": "22.2"
            },
            "FSR_2026_C1_S2": {
                "v": "0.5"
            },
            "FSR_2026_C1_S3": {
                "v": "50.0"
            }
        },
        {
            "k": "High-yield spreads|Canada",
            "FSR_2026_C1_S1": {
                "v": "34.2"
            },
            "FSR_2026_C1_S2": {
                "v": "1.8"
            },
            "FSR_2026_C1_S3": {
                "v": "50.0"
            }
        },
        {
            "k": "High-yield spreads|United States",
            "FSR_2026_C1_S1": {
                "v": "24.1"
            },
            "FSR_2026_C1_S2": {
                "v": "2.7"
            },
            "FSR_2026_C1_S3": {
                "v": "50.0"
            }
        }
    ]
}