Since when has the fed cared if there was too much froth in stocks?
The dissenters on the Fed have made it clear that they are worried about the froth in these markets which are due to QE. Even Yellen has noted that yields on junk bonds have been substantially reduced as people have been too willing to take on risk in order to get a higher yield than was available in Treasuries. Ditto for stocks and RE. Low rates and the thought that the Fed would not let anything go wrong have spurred a lot of excess speculation.
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