Epic Everything Bubble blower and Master of the Universe, the Fed's Powell told us in December "Admittedly P/Es are high but that's maybe not as relevant in a world where we think the 10-year Treasury is going to be lower than it's been historically from a return perspective".
Sounded a bit wishy washy and full of 'hopium' to me and more like something from the 'this time it's different crowd'. He's backed himself and the Fed into a corner. Interesting times and market action ahead-hard to know where to hide from the turmoil if the Bubbles really do start to deflate.
