Monetary policy may have bolstered stock prices in two ways, either lowering the discount rate by compressing the equity risk premium, or simply reducing risk-free rates for long enough to raise the present value of stocks. In either case, equity prices should level off at some point, allowing earnings to catch up, or even correct downward.
货币政策可能通过两种方式支撑股价，或者抑制股票风险溢价进而降低贴现率，或者长时间降低无风险利率以至于股票现值升高。无论哪种方式，股价都会在某个点上趋稳以等待盈利水平赶上来，或者出现向下修正。