Fed official delivers a blunt message to the stock market — which ignores it - MarketWatch
1. Fed Governor Cook warns of high stock market valuations potentially susceptible to declines. 2. S&P 500 estimated to be two standard deviations above historical averages. 3. High CAPE ratio signals a risk but was not heeded by investors. 4. Earnings growth needs to justify current valuations amidst concerns. 5. Broader market rally could alleviate some valuation worries in sectors.