All-Time High Valuation Level and Recessions

The Fed was already slashing interest rates before those bear markets and recessions really started. I think we have an inverted yield curve. We have money supplied down year over year. Leading indicators by the conference board are at levels only seen during a recession. To get back to valuation levels that would give you a 10% annual return over the next 12 years, the S&P 500 would have to fall another 60%.