Don't expect big rallys post FED announcing interest rate cuts in 2024-June or future months and most of rally is already factored in

Don't expect big rallys post FED announcing interest rate cuts in 2024-June or future months and most of rally is already factored in.

I haven't seen analyzed data by getting into depth. But in general to compare, PE expansion already took place relatively more when compared with historical PE values at what prices stocks trading.

Even we need to compare with Book Value as well. 

How many times the book value of the stock is current stock price should also be analyzed and it should be compared with historical Price / Book Value of the Stock.