wallstreetexaminer.com / by Jesse Felder / April 6, 2017
The Fed minutes were released yesterday and there’s everyone is talking about: “Some participants viewed equity prices as quite high relative to standard valuation measures.” By “quite high” I imagine they are referring to the fact that even by their own measures the broad stock market is now more expensive than it was at the height of the dotcom mania. The Fed stopped updating the series below in 2014, when valuations first surpassed the 2000 peak but it’s not hard to imagine what it might look like today with the stock market 15% higher and GDP just 7% higher.
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