@RudyHavenstein @fleckcap @federalreserve @NewYorkFed Next Presser ask Prof Powe. To explain the impact of using an avg 10yr UST in 1980 as your discount rate in an SP500 model, vs one at 2000-2020 average. Then ask him about negative skew. Then, unrelated, ask why the Fed pref to themselves is 6% with no skew.