..for longer term investors, with PEs elevated, equity returns in next 5-7 years likely to be a lot lower than in last 9 years. And inflation is ramping up.. Stay invested, but stay vigilant.

S&P 500 approaching all time high set back in early 2018? Should investors chase? Probably not. S&P 500 EPS growth peaking and no need to be greedy. Balanced investors should be market-weight stocks for now.

Kansas City Fed will release the program for the symposium at 6 PM MT on Thurs., 8/23. kansascityfed.org/publicatio…

Jackson Hole is a highlight for financial markets this week. FOMC wrestling with increasing bottlenecks and shortages throughout the economy pushing up inflation and deflationary impact of potential global trade slowdown. #JacksonHole

Record low 5-to-10 yr consumer inflation expectations ow.ly/xd4330a0vRV (just 2.2% in March) should help keep Fed on a gradual path

Battle of the GDP "nowcasts" for Q1 @AtlantaFed: 0.9%; @NewYorkFed : 2.8%; Huh? We explain in our recent commentary ow.ly/v6Xr30a0twv

..but press likely to ask every Fed speaker between now and then about those discussions ...

#Yellen's revelation that the balance sheet was discussed today put's more focus on the #FOMC minutes (April 5)...

#yellen presser is over.. Her presser didn't really change the overall "less hawkish than feared" view of the day

Q: supervision question..A. Relatively light regulatory agenda right now

Yellen: We are shooting for inflation near 2%, but there will be deviations above and below.

..we do know that workers with less skill and education may still be struggling. Consumers can feel good about the economy

Q : Waht message are you sending consumers with this hike A: that the economy is doing well & job mkt is improving...

Q: Glass Steagal question: A: no concrete proposals yet. so i have nothing to react to. Don't think repeal was cause of GFC

..we expect policy to remain accomodative..

Q: what if we dont see better growth or lower unemp rate? A: we are not on preset path. Data is noisy Wage growth has moved up "some"

..but even that pace of growth is enough to tighten labor market. Could be room to run on labor mkt

Q: why raise rates now with GDP weak in Q1. A: GDP is noisy indicator, growing near 2% and we expect that to continue..

Q: is Fed's growth outlook a point of conflict with Trump Admin?. A: no. i encourage Congress and Trump to enact pro growth policies.

..shift in sentiment is obvious and notable..