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Valuations now are right back where they were in late 2019 however the environment was vastly different then. CPI inflation was about 2 per cent; now it’s about 8 per cent. Ten-year rates were 2 per cent, not today’s 3.5 per cent. All these contrasts should argue for a lower market multiple today than in 2019 – inflation, with its accompanying volatility and uncertainty, should compress multiples.
The post US equities lower, but is the market cheap or expensive? appeared first on HumanitasConnects.
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