Yellen says investors should be very careful with some sectors, calls bitcoin ‘highly speculative’

Treasury Secretary Janet Yellen told CNBC on Thursday that there could be parts of the U.S. stock market in which investors should exercise caution.In an interview that aired on "Closing Bell," Yellen said she believes higher equity valuations are understandable given the accommodative monetary policy from the Federal Reserve."Well, partly we're in a very low interest rate environment," Yellen said. "And while valuations are very high, in a world of very low interest rates, price earnings, tight multiples tend to be high. That said there, you know, may be sectors ... where we should be very careful," added Yellen, who took over as Treasury chief in late January under President Joe Biden.The comments came in response to question from CNBC's Sara Eisen, who asked whether Yellen thought it made sense for the major U.S. stock indexes to be trading near record highs during the coronavirus pandemic and its related economic…

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