MORE BAD DATA OUT OF THE US AND FED SPEAKS

On Monday,

Durable Goods fell -1.1% m-o-m in May vs expectations of -0.4%
Core Capital Goods fell -0.2% m-o-m in May vs expectations of +0.5%
Chicago Fed National Activity Index fell -0.26 vs expectations of +0.32

Then on Tuesday, 3 Fed speakers talked about the economy throughout the day. 2 of them caused the stock market to tank. What did they say that sent the market down?

First, Fischer
"Notable uptick in risk appetites in asset markets"
"Equity P/E ratios are near top of historical levels."
"'High asset prices may lead to future stability risks"
"'Corporate sector is notably leveraged"

In case you are wondering, NOTABLE or NOTABLY in the Fed's language, to the common person, it means FREAKINGLY

Then Williams:
“I am somewhat concerned about the complacency in the market.... there seems to be a priced-to-perfection attitude out there”
“The stock market still seems to be running very much on fumes."

And finally Yellen, who must be smoking something real good, because she said "I Don't Believe We Will See Another Crisis In Our Lifetime."