The stocks of Walmart Inc. and Costco Wholesale Corp. may represent a risk due to their high valuation, with forward price-earnings ratios of 34.3 times and 47 times, respectively. That's according to Bloomberg Opinion markets columnist Jonathan Levin, who writes that the "perception of safety has inflated the retailers' valuations, as investors believe they can't go down, which paradoxically puts them at a heightened risk of correction."

Jonathan discusses the implications of that trend as well as his thoughts on Federal Reserve Chair Jerome Powell's response to President Donald Trump's pressure on the central bank with Tim Stenovec and Isabelle Lee on Bloomberg Businessweek Daily.

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