So, the market is as impressed with the Fed as I am, as I have noted in prior Forbes columns. The plethora of cash infusion measures that were also announced with the FOMC's rate cut have also thus far failed to move market sentiment. (Photo by Johannes EISELE / AFP) (Photo by JOHANNES EISELE/AFP via Getty Images) AFP via Getty ImagesThe Fed now has used up its ammunition. So, I have been throwing out a back-of-the-envelope price target for the S&P 500 of 2,400 based on a multiple of 15x $160 in EPS. So it would take a significant move BELOW my 2,400 S&P 500 fair value estimate to actually get me to commit new capital for my firm, Excelsior Capital Partners, to the U.S. equity markets.

Source: Forbes March 15, 2020 23:48 UTC