Martin Feldstein: the bull run is running out of steam

Martin Feldstein, the economist who chaired US president Ronald Reagan’s Council of Economic Advisers, predicts that the bull run in stocks may soon come to an end.

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Martin Feldstein,professor of economics at Harvard
(Image credit: © 2015 Bloomberg Finance LP)

The bull run in the stock-market may soon come to an end, Martin Feldstein, the economist who chaired US president Ronald Reagan's Council of Economic Advisers from 1982 to 1984, tells CNBC. "If it is not a bubble, it is very close" to one. Feldstein points out that "the S&P 500 price-earnings ratio is now more than 50% higher than it has been on average historically, so that's way out of line and it makes the whole situation very fragile".

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Alice grew up in Stockholm and studied at the University of the Arts London, where she gained a first-class BA in Journalism. She has written for several publications in Stockholm and London, and joined MoneyWeek in 2017.