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Fed Not Ready To Roll On Yield-Curve Control
Just about the only thing anyone was interested in from the June Fed minutes was incremental color a
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since the last chart you post demonstrates that P/E’s went from ~9 to ~21 from ’38 to ’39 without YCC, and also dropped from 21 back to ~6 while YCC was still in effect, and while current P/E’s are roughly 20, I don’t see why bulls are salivating. Although I agree that YCC is not, in itself, likely to be bearish. Likely a reason to believe the downside is limited