This story was originally published on nationaljournal.com on March 3, 2017 New York Fed President William Dudley told CNN on Tuesday that “there’s no question that animal spirits have been unleashed a bit post the election,” a reference to a term that economist John Maynard Keynes coined to describe people exhibiting optimism—often about the markets—that is not necessarily grounded in facts. Dudley’s use of the term is reminiscent of then-Federal Reserve Chairman Alan Greenspan using “irrational exuberance” two decades ago to describe stock-market behavior at the time, now remembered as the tech bubble. The stock market has been on fire since Donald Trump’s election. President Trump’s well-received address to Congress on Tuesday night sent the Dow soaring above 21,000 for the first time, and pushed the S&P 500 index to a record level, over 2,300 and within sight of 2,500. The Conference Board’s Consumer Confidence Index is at a 15-year high while the University of Michigan’s Consumer Sentiment Index is just barely below the decade peak hit in January. The latest National Federation of Independent Business survey, which came out
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