FED Monetary Policy Report

Janet Yellen just poured cold water on the social media sector.
Ahead of her appearance before the Senate Banking Committee on Tuesday, Yellen released the Fed’s semi-annual Monetary Policy Report.
Twenty pages into the report, Yellen spares a few words to address the issue of tech valuations.
She writes,

„Valuation metrics in some sectors do appear substantially stretched.
Particularly those for smaller firms in the social media and biotechnology industries, despite a notable downturn in equity prices for such firms early in the year.“

Several tech stocks, and particularly social media tech stocks, went negative in early trading Tuesday following Yellen’s remarks.
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cnbc

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Fed semi-annual Monetary Policy Report

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Contents

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Summary

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Part 1: Recent Economic and Financial Developments
Domestic Developments
Financial Developments
International Developments

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Part 2: Monetary Policy
Part 3: Summary of Economic Projections
The Outlook for Economic Activity
The Outlook for Inflation
Appropriate Monetary Policy
Uncertainty and Risks
Abbreviations
List of Boxes
The Slow Recovery of Housing Activity
Developments Related to Financial Stability
Prospects for Monetary Policy Normalization in the Advanced Economies
Planning for Monetary Policy Implementation during Normalization
Forecast Uncertainty