Yellen Sees Rational Exuberance

(1) Group of 30 gabfest. (2) Yellen says valuations are normal in New Normal. (3) Yellen channeling Greenspan on valuation question. (4) Back to the ’90s: Long-term expected earnings growth estimates going up again led by Tech. (5) Trump’s election seems to have boosted LTEG on expectations of deregulation and tax cuts. (6) Meet John Taylor, who might be next Fed chair. (7) Taylor says rules beat discretion, which is prone to chaos. (8) Rules may not rule without some discretion if Taylor rules. (9) For Fed watchers: Anybody but Taylor, please!