Yesterday in an interview with CNBC Victor Constancio, vice president of the EU’s central bank, "we see that some markets are overstretched or at least with indicators that are away above the historical averages. Certainly, the cyclically-adjusted price (to) earnings ratio in the U.S. is well-above historical averages. At the same time, we can see that volatility both in the equity and the bond market is very low, which experiences shows in those situations some events may trigger a sudden revision of expectations by investors".
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