Scarce income may yet tempt savers to spot the potential of strong balance sheets and resilient cashflow. Many companies are swimming in cash. US non-financial companies’ cash as a percentage of assets is more than 40%, the highest in over a decade.

Thanks to impressive business management during the recession, corporate earnings consistently surprised on the upside. Margins bottomed at higher levels than in previous downturns. By the end of this year, S&P 500 non-financial earnings are expected to revisit their previous highs, helped by a return to peak margins, despite lacklustre sales growth.