SPDR标普500 ETF信托基金在经周期调整市盈率高位交投，前美联储主席杰罗姆·鲍威尔关于“股价处于相当高估值水平”的警示仍在市场回响。尽管企业盈利保持韧性，投资者对当前估值水平的可持续性存在分歧。历史数据显示，当CAPE比率处于当前区间时，未来五至十年的平均回报率往往偏低。不过也有观点认为，在人工智能引领的生产力提升预期下，高估值可能得到合理支撑。鲍威尔的言论恰逢市场对利率路径重新定价之际，加剧了投资者的谨慎情绪。

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