► Subscribe to FT.com here: http://on.ft.com/2eZZoLI
► Watch 'Have we reached peak reflation trade' and more on FT.com: http://on.ft.com/2mTwEmc
Miles Johnson comments on the valuation levels of the US market after the S&P 500 this week posted its worst one-day slide since October.
► Subscribe to the Financial Times on YouTube: http://bit.ly/FTimeSubs
For more video content from the Financial Times, visit http://www.FT.com/video
Twitter https://twitter.com/ftvideo
Facebook https://www.facebook.com/financialtimes
