EFTA Document EFTA01367792

22 May 2015 US Equity Insights PE at post-crisis 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 (2O14-1Q15), the highest since 2010. Fed lowered its 2015.16 FF rate outlook in March and the April minutes dismiss the June hike. Market liftoff expectations are slipping to after Sept. ECB reiterates its asset purchase goals. Liftoff accompanied by Fed