- The dividend futures market has been crushed.
- This chart (from ML) on the left shows the futures curve for S&P 500 dividends compared to 2019.
- The blue line is how the market looked at the top (21st Jan 2020) and the orange how it looks today.
- The market is pricing in -42% in dividends by 2021.
- The right hand side shows the situation in 2008 – the actual reality (dark orange line) was far better.