The Federal Reserve Chief Just Poured Cold Water on Social Media Valuations

Janet Yellen, the chairwoman of the Federal Reserve, just poured cold water on the social media sector

Ahead of her appearance before the Senate Banking Committee on Tuesday, Yellen released the Fed's semi-annual Monetary Policy Report. Twenty pages into the report, Yellen spares a few words to address the issue of tech valuations.

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"[V]aluation metrics in some sectors do appear substantially stretched," she writes, "particularly those for smaller firms in the social media and biotechnology industries, despite a notable downturn in equity prices for such firms early in the year." Read more...

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