People have been reaching for yield in years thanks to the Federal Reserve. Janet Yellen said that stocks are not necessarily overvalued relative to bonds yields. But if the Federal Reserve is going to be raising interest rates, bond yields are going to be rising and then the stock market will have to come down. So, that is why I think the Federal Reserve is not going to raise rates.
I do not think that Yellen wants the stock market to go down because this phony economic recovery is based on asset bubbles and the Federal Reserve is not going to intentionally prick those bubbles.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
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