Stocks Hit New All Time High Just After Bullard Says “Valuations Are Stretched”

With the Fed finally admitting it is confused by the “mystery” of inflation, it has also become painfully clear how perplexed it is by the biggest asset bubble in history that the Fed and its central bank peers have blown. But don’t call it a humorless bubble.
Case in point, on Wednesday afternoon, St. Louis Fed president James Bullard, who is best known for i) flipflopping from the Fed’s biggest hawk to its most wimpish dove and ii) invoking QE4 any time the S&P has even a 3% correction, said that while ‘bubble is a strong word”, admitted that “equity valuations may be stretched.’

This post was published at Zero Hedge on Sep 27, 2017.