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Central banks should be ‘terrified’ of equity markets Add to ...

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A roundup of what The Globe and Mail’s market strategist Scott Barlow is reading this morning on the Web

Celebrated hedge fund manager Paul Tudor Jones believes Federal Reserve chairwoman Janet Yellen should be "terrified" of U.S. equity markets,

“The legendary macro trader says that years of low interest rates have bloated stock valuations to a level not seen since 2000, right before the Nasdaq tumbled 75 percent over two-plus years. That measure -- the value of the stock market relative to the size of the economy -- should be 'terrifying' to a central banker, Jones said earlier this month at a closed-door Goldman Sachs Asset Management conference … Last week, Guggenheim Partner’s Scott Minerd said he expected a "significant correction" this summer or early fall. Philip Yang, a macro manager who has run Willowbridge Associates since 1988, sees a stock plunge of between 20 and 40 per cent, according to people familiar with his thinking.”

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