In December 2020, Fed Chair Jerome Powell, invoked the "Fed Model" to justify high stock market price-earnings ratios (then approaching levels of the Dot-com bubble, in a period called the everything bubble), saying: "If you look at P/Es they're historically high, but in a world where the risk-free rate is going to be low for a sustained period, the equity premium, which is really the reward you get for taking equity risk, would be what you'd look at". Yardeni said Powell's actions in 2020, countering the financial effects of the COVID-19 pandemic, could form the greatest financial bubble in history.