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Michael Howell: "QE Is Coming Back, Big Time"
Forward Guidance
The Dynamic of the Equity Market
In terms of valuing equity markets, there is a sweet spot around 2% inflation. We know if you go for higher inflation, the market also gets derated. But providing you don't go too far to the right, the equity market holds up. And all the emphasis on the E we think is exaggerating the negativity about the market. The PE is driven up by falling inflation and by more liquidity.
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