This past week saw a couple of interesting developments.
On Wednesday, the Fed released the minutes from their January meeting with comments which largely bypassed overly bullish investors.
"… several participants observed that equity, corporate debt, and CRE valuations were elevated and drew attention to high levels of corporate indebtedness and weak underwriting standards in leveraged loan markets. Some participants expressed the concern that financial imbalances-including overvaluation and excessive indebtedness-could amplify an adverse shock to the economy …"
"… many participants remarked that the Committee should not rule out the possibility of adjusting the stance