The Schiller PE Ratio hit 36.1 3 weeks ago, with an EFFR of 5.33% (!)

It's still 33.6, and the historical average is 17.1, with an average EFFR of 4.61%

And the historical average didn't even have the (slight) headwind of boomer retirement plan liquidations that we have now.

So yeah, there's a long way to go.