The Inversion and the Re-St Deepening of the Market

The idea that stock valuations had moved up in a period when yields continued to move up or ahead already moved up and at least stayed high, that's not the way that that relationship normally works. So over the last week or so, as you've seen 10-year yields rise and stocks go down, that's how that relationship usually works. And I do think it's healthy to give off some of the PE multiple expansion that we've seen in the S&P over this last couple months because it's just at unhealthy levels.