Yardeni QuickTakes (Page 14)

Powell's Irrational Exuberance Moment

Sep 23, 2025 2 min read

During a speech in Providence, Rhode Island today, Fed Chair Jerome Powell was asked whether he and his colleagues give any weight to the impact of their monetary policies on financial markets. He responded: "We do look at overall financial conditions, and we ask ourselves whether our policies are affecting financial conditions in a way that is what we're trying to achieve.” Then he opined that "

Ed Yardeni

Investing In The World

Sep 22, 2025 3 min read

It's a big world with lots of investment opportunities. We continue to favor the United States, but it's hard to overweight the US when it already accounts for 64.7% of the market capitalization of the All Country World (ACW) MSCI (chart). That's up from a low of 42.0% in late 2009. We can also observe the outperformance of the US by tracking

Ed Yardeni
David Yardeni

ECONOMIC WEEK AHEAD: September 22 - 26

Sep 21, 2025 3 min read

The week ahead will offer timely clues about both the American consumer and inflation. The economic releases this week might also influence financial market expectations about another Fed rate cut as soon as the October 28-29 Federal Open Market Committee (FOMC) meeting. The federal funds futures market was expecting three 25bps rate cuts over the next six months last week before Thursday's upbeat initial unemployment claims cut the

Ed Yardeni
William Pesek

MARKET CALL: Party Like It's 1999!?

Sep 20, 2025 3 min read

The DJIA, S&P 500, Nasdaq, and Russell 2000 all rose to record highs this past week. All were boosted by the Fed's decision to cut the federal funds rate by 25bps on Wednesday. Is the stock market back on the road to the same irrational exuberance that inflated the Tech Bubble of 1999, which was followed by the Tech Wreck of the early 2000s? Will the

Ed Yardeni

Postpartum Impressions

Sep 18, 2025 3 min read

Please see Dr Ed's op-ed in today's Financial Times titled "Why it might be the time to repeal the Fed’s dual mandate: Should 3% be the US central bank's new inflation target?" As expected by everyone, the FOMC delivered a 25bps cut in the federal funds rate (FFR) yesterday. There was only one dissenter among the FOMC's voting members.

Ed Yardeni

Fed Cuts By 25 Basis Points, Ho-Hum

Sep 17, 2025 2 min read

Why didn't stock prices rise today? Why didn't the 10-year US Treasury bond yield fall below 4.00%? Why did the price of gold slip? The financial markets had clearly already fully discounted today's 25-basis-point cut in the federal funds rate. In addition, the FOMC's Dot Plot wasn't as dovish as some market participants might have expected. Seven of 19

Ed Yardeni

WEEKLY WEBCAST: An Open Letter to Scott Bessent

Sep 17, 2025 1 min read paid

A recent article by Treasury Secretary Scott Bessent takes aim at the Fed for its use of unconventional monetary tools and its mission creep. Today, Dr Ed addresses the Treasury secretary in an open letter, detailing where they agree and diverge on the Fed’s role and what monetary and fiscal policies are needed to sustain the Roaring 2020s scenario that both support. While an original aim of the Fed

Ed Yardeni

Like Throwing Gasoline On A Fire

Sep 16, 2025 2 min read paid

The FOMC is likely to cut the federal funds rate (FFR) by 25bps tomorrow. Among the meeting participants, there might be one or more dissenters to the decision who favor a 50bps cut and one or more dissenters opposed to any cut. The Summary of Economic Projections may also indicate that FOMC participants are divided on whether and when further cuts might be necessary. Tomorrow's rate cut isn&

Ed Yardeni

DEEP DIVE: An Open Letter to Scott Bessent

Sep 15, 2025 7 min read paid

Dear Scott, I Wholeheartedly Agree Thank you for your public service as Secretary of the Treasury of the United States. I read your recent excellent article in The International Economy titled “The Fed’s New ‘Gain-of-Function’ Monetary Policy.” I agree with much of your criticism of the Fed. In addition, I believe that we share the same optimistic “Roaring 2020s” outlook for the US economy, and we both hope that

Ed Yardeni

ECONOMIC WEEK AHEAD: September 15 - 19

Sep 14, 2025 3 min read

Central banks take the spotlight this week as monetary policymakers from Washington to Tokyo cut to the chase on the balance of economic risks. Though the Federal Reserve's two-day meeting (Tue-Wed) is the main event, rate decisions by the Bank of Canada (Wed), the Bank of England (Thu), and the Bank of Japan (Fri) may reveal much about the degree to which US tariffs are disrupting economies around

Ed Yardeni
William Pesek

MARKET CALL: The Oracle Of Austin

Sep 14, 2025 3 min read paid

Last Wednesday, Larry Ellison, the executive chairman and chief technology officer of Oracle, saw his net worth jump by $101 billion—the biggest one-day increase ever recorded on the Bloomberg Billionaires Index—to $382 billion. That happened after the company announced at its quarterly earnings conference that Google's Gemini AI models would become available on Oracle's cloud infrastructure. That sent the company's stock soaring

Ed Yardeni

25 Or 50, To Be Or Not To Be?

Sep 11, 2025 3 min read members

Following yesterday's cooler-than-expected PPI and today's as-expected CPI, expectations are that the FOMC will cut the federal funds rate by 25 basis points on September 17, with no dissenting votes among voting members. Following today's jump in last week's initial unemployment claims, meeting participants might consider a 50-basis-point cut, but we doubt that they will opt for that, as the majority would

Ed Yardeni

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