Archive

Economic Growth Seems To Be Picking Up

Feb 10, 2025 3 min read paid

Bearish stock market narratives have been pervasive since early 2022. They are becoming more so now with each headline coming out of Washington. Duties, deportations, duties, and de-bureaucratization (the four "Ds") can have a shock-and-awe effect. But financial markets broadly have been unperturbed because the US economy continues to be rock solid. Then again, reining in the budget deficit and trade deficit is no easy task. President Donald

Ed Yardeni
Eric Wallerstein

ECONOMIC WEEK: February 10-14

Feb 9, 2025 4 min read paid

The focus of the economic week ahead will be inflation. Businesses tend to raise prices at the beginning of the year; that could result in January CPI and PPI releases (Wed and Thu) that are hotter than expected even though both are seasonally adjusted. A few Fed officials recently worried out loud that tariffs could interrupt the progress toward the Fed's 2.0% inflation target. We expect Trump

Ed Yardeni
Eric Wallerstein

MARKET CALL: Choppy Waters

Feb 8, 2025 4 min read

The major stock market indexes are still up since Election Day despite recent turbulence caused by DeepSeek and Trump Tariffs 2.0 (chart). The former is weighing on the shares of AI companies. However, cloud giants Amazon, Microsoft, and Google remain committed to spending record sums this year to build out their AI capacity. Asked last week about the AI cost efficiencies represented by DeepSeek’s widely followed advances, Amazon

Ed Yardeni
Eric Wallerstein

DEEP DIVE: The Art Of The Tariff Deal

Feb 8, 2025 8 min read paid

This is an excerpt from Yardeni Research Morning Briefing dated Monday, February 4, 2025. Geopolitics I: What Trump Wants from Canada & Mexico. It’s become abundantly clear to us what President Donald Trump wants from Mexico. To Trump, Mexico is a looming security threat. In his view, the country must reclaim control over the drug trade and the migrant flows spilling over the southern US border. His demand is

Ed Yardeni
Eric Wallerstein

A Bond Vigilante In Trump's Court

Feb 6, 2025 3 min read paid

Trump 2.0 is borrowing a page from the Clinton administration's playbook, specifically the one in which Robert Rubin and James Carville warned Clinton that he had to respect the power of the Bond Vigilantes and maintain fiscal discipline. US Treasury Secretary Scott Bessent yesterday said that he and President Trump are less concerned with the federal funds rate (FFR) and instead are hoping to contain the 10-year

Ed Yardeni
Eric Wallerstein

Bessent Follows Yellen’s Lead & Gold Price Rises To New High

Feb 5, 2025 3 min read paid

The bond market relaxed today after Treasury Secretary Scott Bessent's debut Quarterly Refunding Announcement (QRA) proved to be a non-event. The 10-year Treasury yield fell 9bps to 4.43%, its lowest level since the Federal Reserve's last rate cut, in mid-December (chart). Bessent had been critical of Janet Yellen's usage of short-term Treasury bills to finance the federal budget deficit. Many investors, therefore, were

Ed Yardeni
Eric Wallerstein

Dr Ed's Video Webcast 2/5/25

Feb 5, 2025 1 min read paid

Anatomy Of Gross National Product Why is the US economy so strong? Look in the mirror: The consumer is the engine of growth. Yes, technological advancements will continue to buoy GDP, as will Trump 2.0 deregulation and lower taxes. But consumer spending accounts for nearly 70% of real GDP. We reject the notion that consumer spending will slow in the face of depleted saving and other drags; it’s

Ed Yardeni
Eric Wallerstein

Animal Spirits Boosting Capex Plans

Feb 4, 2025 2 min read paid

Google-parent Alphabet’s stock sank 7% after the closing bell today following its Q1 earnings report. That was partly because the company announced much higher 2025 capital expenditures than analysts anticipated. After spending $14.28 billion on CapEx in Q4-2024 (above the consensus estimate of $13.26 billion), Alphabet will spend $75 billion on CapEx during 2025, said CEO Sundar Pichai, mostly on building out its AI-related businesses. That'

Ed Yardeni
Eric Wallerstein

Make Manufacturing Great Again!

Feb 3, 2025 3 min read paid

Markets were abuzz with headlines from Washington today. The S&P 500 opened 1.7% lower on the weekend's news that President Donald Trump announced that he would slap 25% tariffs on Mexico and Canada on Tuesday. But losses were pared significantly after Trump's call with Mexican President Claudia Sheinbaum resulted in a one-month delay of tariffs as well as bilateral cooperation on fentanyl, immigration,

Ed Yardeni
Eric Wallerstein

ECONOMIC WEEK: February 3-7

Feb 2, 2025 3 min read

Aside from plenty of news about tariffs, the economic week ahead is jampacked with economic indicators that might be affected by tariffs in coming months. Capped off by January's monthly employment report on Friday, the week will also include releases on manufacturing, worker productivity, and bank lending. We're expecting more strong employment data this week, consistent with our overall bullish outlook for the US economy. The

Ed Yardeni
Eric Wallerstein

MARKET CALL: Beware The Front Cover Curse & Trump Tariffs 2.0

Feb 2, 2025 3 min read

We are sure that Forbes magazine has had plenty of cover stories about successful entrepreneurs who survived the front-cover curse and remained successful. However, the magazine has also featured a few rising stars who subsequently crashed and burned. The latest Forbes front cover features Michael Saylor of Microstrategy and is titled "The Bitcoin Alchemist." It's not a ringing endorsement. In any event: We have been warned.

Ed Yardeni
Eric Wallerstein

DEEP DIVE: The Digital Revolution Is Evolving

Feb 1, 2025 3 min read paid

This is an excerpt from Yardeni Research Morning Briefing dated Monday, January 28, 2025. DeepSeek is a Chinese AI lab that has rocked the world of artificial intelligence (AI) by developing a competitive Large Language Model, or LLM, that reportedly outperforms ChatGPT but was developed at a fraction of the cost with much less time required to “teach” the program. It also functions with cheaper and less powerful Nvidia GPU

Ed Yardeni
Eric Wallerstein

Archive

Page 25 of 128

Economic Growth Seems To Be Picking Up

ECONOMIC WEEK: February 10-14

MARKET CALL: Choppy Waters

DEEP DIVE: The Art Of The Tariff Deal

A Bond Vigilante In Trump's Court

Bessent Follows Yellen’s Lead & Gold Price Rises To New High

Dr Ed's Video Webcast 2/5/25

Animal Spirits Boosting Capex Plans

Make Manufacturing Great Again!

ECONOMIC WEEK: February 3-7

MARKET CALL: Beware The Front Cover Curse & Trump Tariffs 2.0

DEEP DIVE: The Digital Revolution Is Evolving