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Complacency Breeds Failure with Liz Young & a Conversation with Tim McCourt of CME Group

RiskReversal Pod

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The Fed Cut Rates This Year

There's no real fundamental case to be here. If we're at 18.1, 18.2 forward earnings, look at the 10 year average of whatever it is, depending on what your data provider is. That 10 year period was spent with a 10 year treasury just above 2%. At least five of those 10 years were spent at zero Fed funds rate. So this level of valuations just does not make sense in the environment.

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