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Yellen Admits "Market Valuations Are On The High Side", Adds "No Comment" On Biotech, Social Media Stocks

With a firm "no comment" Janet Yellen shied away from burstng the bubble in "extremely stretched" Biotech and Social Media stocks, but was forced to admit that "overall measures of equity valluations are on the high side." Then, rather oddly, she notes that The Fed sees unusually low spreads in corporate bond markets... which is odd since they have actually widened dramatically in the last year or so, perhaps signalling just how "high" valuations are in stocks...


Yellen "no comment" on Biotechs... but "market valuations on the high side."


And Corporate bond spreads are unusually low... which is odd given this...



But then again, why not just keep lying - its worked for the last 6 years.