Alan Greenspan, then Chairman of the Federal Reserve, spoke in December 1996 about the “irrational exuberance” of investors in referring to equity valuations becoming stretched during the dot-com boom. Equities continued to rise for four more years before they were brought down by the 2001 recession and the aftermath of 9 / 11. The current Chairman got a similar reaction from markets following his expression of caution yesterday. Speaking at Spelman College in Atlanta, Jerome Powell warned that “the FOMC [Federal Open Markets Committee] is strongly committed to bringing inflation down to 2 percent over time, and to ... (full story)