Author: Brian Barnier

 Editor’s note: The early February market correction prompted debate over whether stocks were merely experiencing a technical correction or had farther to go. We immediately thought of a 2016 Fed Dashboard analysis by Brian Barnier that made a simple but powerful point: to understand if something is a bubble or not, we have to ask “relative to what”? In this special guest commentary, he kindly updated his analysis with more recent data. “No one can see a bubble, that’s why it’s called a bubble” is a myth. Just like the ones kids blow on a summer day, bubbles are bubbles relative to a…