Fortunately, stocks are nowhere near that overvalued, based on the price-to-earnings ratio. But, if we take a more refined look at historical stock market valuations at peaks and lows, we find some cause for concern.
After monetary policymakers took action to lower interest rates and ease financial conditions, they have been asking for fiscal policymakers to enact stimulus though stepped-up government spending and tax cuts—they may be starting to get their wish.
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