But there is a more fundamental point to make if, as I suggested, the long-term downward trend in bond yields is over. If investors are coming around to the view that expected earnings, as good as they are, need to be discounted by higher interest rates, it naturally lowers the price they are willing to pay for a given stock.
I thought it might be useful for me to close the conference by giving you my perspective on some of the imbalances currently evident in the U.S. and global economies, how they might be resolved, and their implications for policy - including monetary policy.