Irrational Exuberance 3.0: Fed Again Warns Of A Build Up In "Valuation Pressures"

The last time Janet Yellen, Series 7, 63 certified, warned of asset bubbles, aka the Fed’s “Irrational Exuberance 2.0” moment, was back in July 2014, when the smallest of utterances led to a selling avalanche in biotech and social media stocks. This is what the Fed said back then:

“Nevertheless, valuation metrics in some sectors do appear substantially stretched—particularly those for […]