The most accurate stock-market predictor was released this week. The next 10 years don’t look good.

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Last Updated: Sept. 25, 2021 astatine 8:53 a.m. ET First Published: Sept. 24, 2021 astatine 8:58 a.m. ET

A Federal Reserve study showed Americans person a precocious allocation to equities, which is simply a contrarian indicator suggesting anemic returns are ahead

The astir important stock-market-related quality of the past 3 months was released this week, and I stake you didn’t notice.

It was imbedded successful a study that the Federal Reserve released Thursday, its quarterly update of the Financial Accounts of the United States. Among that report’s myriad statistic was the mean household’s portfolio allocation to equities.

That...

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