Parole inutili? (parte 1)

L'ormai ex Chairman della Federal Reserve Janet Yellen ha detto oggi domenica 4 febbraio alla tv americana quanto segue.

“Well, I don’t want to say too high. But I do want to say high,” Yellen said on CBS’s “Sunday Morning” in an interview recorded Friday as she prepared to leave the central bank. “Price-earnings ratios are near the high end of their historical ranges.”

Commercial real estate prices are now “quite high relative to rents,” Yellen said. “Now, is that a bubble or is it too high? And there it’s very hard to tell. But it is a source of some concern that asset valuations are so high.”

La stessa Yellen ha poi aggiunto, come a dimostrare che il problema era stato preso in esame in modo molto concreto:

“What we look at is, if stock prices or asset prices more generally were to fall, what would that mean for the economy as a whole?” Yellen said. “And I think our overall judgment is that, if there were to be a decline in asset valuations, it would not damage unduly the core of our financial system.”

Suggeriamo a tutti gli investitori di farsi questa domanda: perché queste frasi sono state pronunciate proprio nel giorno successivo alla sua uscita dal Board della Fed? E perché non furono dette, ad esempio, 12 mesi fa?