Chart 1: Risk premiums and spreads are compressed and valuation measures are elevated relative to their historical distribution https://www.bankofcanada.ca/?p=253365 May 2025 May 2025 May 2026 May 2026 Historical median Historical median 8.51.950.0 8.14.850.0 32.923.850.0 19.217.550.0 54.60.350.0 22.20.550.0 34.21.850.0 24.12.750.0