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July 15 (Reuters) - Federal Reserve Chair Janet Yellen on Tuesday voiced concern about stretched valuations in certain corners of the equity markets, including the small cap, biotechnology and social media sectors.
While most valuations across equity markets remain generally in line with long-term averages, Yellen said in remarks to the Senate Banking Committee, the forward price-to-earnings multiples for smaller companies and those in the biotechnology and social media sectors appear "high relative to historical norms."
Yellen and other Fed officials, in the central bank's semi-annual Monetary Policy Report delivered to Congress in tandem with her testimony, also noted that the U.S. municipal bond market has functioned smoothly recently "but some issuers remained strained." (Reporting By Dan Burns; Editing by Chizu Nomiyama)