Although valuations are subjective (i.e., what you find to be pricey might be viewed as a bargain by another investor), one time-tested valuation measure fully supports Fed Chair Powell's commentary that the broader market is historically expensive. This valuation tool is the S&P 500's Shiller Price-to-Earnings (P/E) Ratio, which is also referred to as the cyclically adjusted P/E Ratio, or CAPE Ratio.The point of emphasis is the final six words of Powell's statement: "equity prices are fairly highly valued. ...