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Market Extra: Is Yellen trolling Trump and stock-market investors?

Slow your record roll, Wall Street! That appears to be the message that Janet Yellen’s Federal Reserve conveyed to investors Wednesday.

Transcripts from the Fed’s Jan. 31-Feb. 1 meeting communicated the central bank’s intent to lift rates “fairly soon,” but what really stood out is the doubt that the Fed cast over the prospect of fiscal-stimulus proposals by President Donald Trump happening soon.

Two notable points jumped out from the minutes that were released Wednesday:

  • A few participants said Increase in equity prices might reflect unrealistic policy expectations
  • Some officials concerned low market volatility appeared inconsistent with policy uncertainty

If the tone of that verbiage rings familiar, it may be because it’s thematically the same notion former Fed boss Alan Greenspan delivered during a 1996 speech, near the apex of the dot-com bubble:

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