Salient to Investors:

  • Paul Zemsky at Voya Investment Mgmt sees a new era of macro policy where the Fed uses new tools to prevent bubbles and raises concerns when markets are away from fundamentals.
  • Alan Gayle at RidgeWorth Investments said the Fed recognizes it needs to broaden its scope of factors affecting financial health and stability.
  • The S&P Smallcap 600 Index is at 26 times earnings, the Nasdaq Biotech Index is at over 500 times earnings, versus the S&P 500 at 18 times.

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