What are the implications of the Fed's balance sheet expansion as discussed in the text?
State Street's Gerard on Markets and Strategy

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2.
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What is the significance of the September FOMC meeting mentioned in the text?
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3.
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How does the speaker describe the current state of liquidity in the market?
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What does the speaker suggest about the relationship between interest rates and stock performance?
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How does the speaker view the future of stock valuations in relation to current market conditions?
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What concerns does the speaker express regarding the potential impact of COVID-19 variants on the economy?
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7.
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In what ways does the speaker indicate that emerging markets are particularly vulnerable?
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