EFTA Document EFTA01367791

Deutsche Bank Markets Research North America United States US Equity Insights S&P hits record high on 18 trailing PE, PE will be sensitive to Treasury yields PE at j)O8(.cr isis high on delayed Fed hike expectations boosts S&P to record S&P grinds higher despite continued soft macro data on dovish central bank communications. S&P trades at 18x trailing 4-qtr EPS (2O14-1O15). the highest since 2010. Fed lowered its 2015-16 FF rate outlook in March and the April minutes dismiss the June