The Risks of Inflation on Equity Valuations

Lori Greenfield: I think over time, higher interest rates are going to suppress your PE multiples. Over the next 12 months, and this is based on data going back to the 80s, you have about 5% S&P 500 for return over the next year. We've acknowledged the upside risk. This doesn't feel to me like a moment in time, given what I'm seeing on the sentiment, to push that upside case right now.

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