Yellen Says Valuations May be Too High, Quebec Helps Sale of Cliffs Iron Ore Mine

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Financial moves and comments from the Federal Reserve dominated today’s MetalCrawler.

Yellen Says Stocks Could be Overvalued

Federal Reserve Chairwoman Janet Yellen on Wednesday said high equity valuations could pose potential dangers but that stability risks across the US financial system remained in check.

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“I would highlight that equity market valuations at this point generally are quite high,” Yellen said. “There are potential dangers there.”

Yellen’s view on the run-up in stocks was an answer to questions from International Monetary Fund Managing Director Christine Lagarde, who joined the Fed chief for the opening session of the “Finance and Society” conference.

Quebec To Help Cliffs Sell Iron Ore Mine

The Canadian Province of Quebec is prepared to buy a rail line and port facilities that service a shuttered Cliffs Natural Resources Inc. iron-ore mine there to pave the way for the operation to reopen under new owners. The government also is open to buying 20% of the Bloom Lake mine to facilitate a deal, Economy Minister Jacques Daoust said. Purchasing the rail and port facilities could lower the mine’s operating costs by as much as $20 a ton, he said.

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