U.S. equity benchmarks on Thursday were nearing all-time highs, a day after the Federal Reserve trimmed interest rates.
The real (inflation-adjusted) yield on ten-year US treasuries is currently zero, and has been extremely low for most of the past eight years.
Stocks could drop 20% after an October disappointment, warns Blackstone’s chief investment strategist
"The markets are set up for a disappointment. They’re going to have to re-rate their expectations."