Fed Chair Powell just had his 'irrational exuberance' moment, Ed Yardeni says

Jerome Powell gave Alan Greenspan vibes with his latest comments, according to Ed Yardeni. The current Fed chair said Tuesday that "by many measures … equity prices are fairly highly valued." To be sure, while Powell acknowledged the elevated market valuations, he added that this is not "a time of elevated financial stability risks." Yardeni, president of Yardeni Research, noted he's inclined to agree with Powell's assessment of the stock market. He pointed out the forward S & P 500 price-to-sales ratio is at record levels. He also notes that its forward price-to-earnings ratio is 22.8, just below the tech bubble peak of 25 in 1999. That said, Powell's latter comment about financial stability didn't sit well with Yardeni. Powell "triggered our contrary instincts with that last statement. F