Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

Yes, the rate of increase is coming down. Another issue discussed in the press is the earnings–price ratio, and that ratio was a subject discussed in the briefing on Monday. The earnings–price ratio is at reasonably high levels, which means that prices must not be extraordinarily high. Prices are the denominator there. So as far as I can tell, you don’t collectively put much credence in the likelihood of new bubbles. Maybe somebody would like to comment on that issue.

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