Now to put that into context, the equivalent UK bond yield is around 2.2% and Germany's is 1.8%.

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For a taxpayer in the top federal bracket of 35%, a 3% dividend yield is equivalent to a 4% yield on a taxable bond.

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That move reduced all equity and high-yield bond exposure, creating 50% cash or cash equivalent allocations across all portfolios.

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If you buy a municipal bond that yields 6 percent, then it would be the equivalent of a taxable yield of 8 percent.

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By the end of last week, the yield on Spain's 10-year bond hovered around 7%, the financial equivalent of being admitted to intensive care with a raging fever.

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