Fed Will Open “Pandora’s Box” With Rate Hike, UBS Warns
by Tyler Durden
ZeroHedge.com
03/12/2015
“While equity prices look expensive relative to real economic activity, they are arguably cheap relative to bond valuations. S&P 500 earning yields are similar to BB/B bond yields, as opposed to A/BBB yields historically, indicating excessive yield-seeking behavior in the face of reduced bond market liquidity,” UBS cautions.
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