So the Federal Reserve just left interest rates (Fed Funds) exceptionally low, saying that "substantial resource slack" will keep costs low thus inflation will remain subdued for some time. They expect that the exceptional efforts that they are taking/making on behalf of the markets to purchase mortgage back securities remain necessary.
Bottom line, the consumer is still in a world of hurt and won't be bouncing back anytime soon.
We really need to figure out what the new normal is going to look like. I'm fairly certain that we're overvaluing stocks expecting growth that isn't going to be there to validate these multiples.