Call it the $4.5 trillion (the size of the Fed’s balance sheet) question: in a report released overnight, titled “Reducing Risk in an Expensive World”, SocGen strategists ask what is perhaps the most important question right now: “Will the Fed allow Irrational Exuberance, Season 2?” and point out that based on CAPE valuations, the US equity market now has two choices: it will either proceed to another round of irrational exuberance, or it will correct sharpy and dramatically.
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Lucas 2012 Infos 