The profitability of the U.S. stock market, according to the REY indicator, has fallen to its lowest level in more than 60 years. This indicator, which reflects the real return of the S&P 500 on earnings, reached -2.3% on an annualized basis, which is the lowest in history of observation. The index's real dividend yield fell to its lowest level in nearly 20 years. This dynamic is due to strong consumer price growth in the United States. According to the head of Rosenberg Research David Rosenberg (formerly a leading economist at BoA and Merill Lynch), the U.S. stock market is too inflated, and its dynamics will lag in the final months of the year. In his opinion, if the Federal Reserve begins to roll back stimulus measures, it He believes that if the Fed were to begin cutting back on its stimulus measures, it would negatively impact the growth of the country's economy and, even worse, it could cause a stock market crash. The Fed's opinion is that if the Fed cuts its stimulus measures, it will have an adverse effect on economic growth in the country. The stock market would then collapse, which the regulator would not be able to avoid.