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Heads Up!

July 10, 2017 | Weekly Commentary

If it wasn’t clear that the world’s central banks had begun to shift away from easy-money policy, last week should leave little doubt. This discussion came a week after Fed Chief Janet Yellen openly questioned whether asset valuations have gotten too high for their own good. The S&P 500 now trades at 17.6 times 12-month forward earnings, and while we can debate how much easy money has helped inflate those prices, there’s little doubt that it’s played a role.

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