With hopes dashed of a Federal Reserve reprieve, investors are being forced to do something they’ve been trying to avoid all year: Assess stocks on their merits. What they’re seeing isn’t pretty. The S&P 500 slumped 3.4% this week - reversing about half its rally since mid-October at one point - as Jerome Powell’s unwavering war on inflation and America’s worsening recession odds exposed a valuation backdrop that may only be resolvable through more investor pain. Climbing bond yields are exacerbating a situation where equities can be framed as anywhere from 10% to 30% too expensive based on history. The most recent market swoon, coming after two weeks of big rallies, is an unwelcome remind
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