► Subscribe to FT.com here: http://on.ft.com/2eZZoLI<br /><br />► Watch 'Have we reached peak reflation trade' and more on FT.com: http://on.ft.com/2mTwEmc<br /><br />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.<br /><br />► Subscribe to the Financial Times on YouTube: http://bit.ly/FTimeSubs<br /><br />For more video content from the Financial Times, visit http://www.FT.com/video<br /><br /><br />Twitter https://twitter.com/ftvideo<br />Facebook https://www.facebook.com/financialtimes
