After a post-election risk-taking binge, stock investors sobered up this week as Jerome Powell’s go-slow message on interest-rate cuts cooled the Trump trade euphoria that drove Wall Street to records.

The stock market broadly has been rising faster than corporate profits, which raises the volume on criticism from skeptics that it’s gotten too expensive. The S&P 500 is still up nearly 25% for the year so far, on top of last year’s leap of 24.2%.