Ed Yardeni

WEEKLY WEBCAST: Will the Real Kevin Warsh Please Stand Up?

Jun 24, 2026 1 min read paid

Kevin Warsh’s first press conference as Fed chair after last week’s FOMC meeting settled a question that the markets had been debating for a year: Which Warsh would show up? In the past, Ed and Elias explain, Warsh hawkishly prioritized fighting inflation, but he presented himself as a dove when auditioning for the Fed chairmanship. Would Chair Warsh be some new hybrid? The hawk won: The FOMC swung

Ed Yardeni

June's Swoons

Jun 23, 2026 4 min read paid

The stock market was hit by another June swoon today. Investors were unnerved by the outcome of last Wednesday's FOMC meeting. The committee participants were more hawkish than expected, according to their Dot Plot. Fed Chair Kevin Warsh abstained from providing his dot, but he came across as very hawkish during his presser, repeatedly stressing the importance of the Fed achieving price stability. Also weighing on AI-related

Ed Yardeni
Elias Griepentrog

FEMO Lifting Economic Growth & Foreigners Lifting US Stocks

Jun 22, 2026 4 min read paid

In the spectrum of bullish stock markets, there are two polar opposites. The first is driven by FOMO, the Fear of Missing Out, which inflates P/E multiples as investors chase hope and hype rather than fundamentals, creating the conditions for a bubble. The second is driven by FEMO, or Fabulous Earnings Momentum, which works the other way around: Corporate earnings grow faster than stock prices, compressing P/E multiples

Ed Yardeni
Elias Griepentrog

Healthcare: Pockets Of Alpha

Jun 21, 2026 4 min read

We recommend a market-weight position in the S&P 500 Health Care sector. It is down 3.8% ytd, the worst among all 11 S&P 500 sectors, and remains one of the clear laggards of the bull market that began in October 2022 (chart). That underperformance has created selective opportunities. The aggregate sector still lacks a near-term earnings catalyst, carries the second-lowest forward profit

Ed Yardeni
Toby Hearst

ECONOMIC WEEK AHEAD: June 22-26

Jun 21, 2026 4 min read

The US economic calendar is mostly quiet this week, but Thursday packs a heavy data load: final Q1-2026 GDP, May PCED, May durable goods orders, and weekly jobless claims. Lots of Fedspeak will be provided by FOMC participants this week. They will not lack for opinions to compare with those Fed Chair Warsh expressed in his debut presser last week. Globally, the Bank of Canada's Tiff Macklem

Ed Yardeni
Toby Hearst

GLOBAL MARKET CALL: The Fog Of War Is Lifting

Jun 21, 2026 3 min read

As we’ve flagged in recent weeks, an end to the conflict in the Middle East should see many foreign stock markets outperform the US. Lower oil prices reduce global inflationary pressures, give central banks room to ease policy, and tend to benefit oil-importing economies, particularly in emerging markets, more than the US, which exports oil. Last week’s tape delivered exactly that, with Asia leading the Go Global

Ed Yardeni
Toby Hearst

US MARKET CALL: Is Irrational Exuberance Driving FEMO?

Jun 20, 2026 5 min read

The stock market bubble of the late 1990s was driven by fear of missing out (FOMO) on the tech-led bull market. As a result, the forward P/E of the S&P 500 rose to a record high of 25.0 in early 2000 as the forward P/E of the S&P 500 Information Technology sector soared to a record high of 55.0 (chart). The

Ed Yardeni
Toby Hearst

Geopolitical Release Valve Taking Pressure Off Resilient Economy

Jun 19, 2026 4 min read

The US-Iran interim peace deal is shaky; but if it holds, it will end the US blockade of Iranian ports and reopen the Strait of Hormuz to commercial shipping. Now comes a 60-day negotiating period to hammer out a permanent agreement, centered on restricting Iran's nuclear program. The price of Brent crude oil extended its sharp decline following the peace deal announcement, with markets pricing in

Ed Yardeni
Elias Griepentrog

A Hawk In Dove's Clothing ... June Swoon Is Back ... 'We Have A Task Force On That'

Jun 17, 2026 4 min read

We weren't surprised by most of the news following today's FOMC meeting. We expected the committee to pivot from April's easing bias to a tightening bias, and they did. We expected the committee to acknowledge that, in their dual mandate, the risk of higher inflation had risen, while the risk of higher unemployment had fallen, and they did. The FOMC's Summary of

Ed Yardeni
Elias Griepentrog

WEEKLY WEBCAST: Hawks Versus Doves Debate At The Fed

Jun 17, 2026 1 min read

This week’s FOMC meeting will be the first over which Kevin Warsh, President Trump’s dovish appointee, presides as Fed chair. Will he succeed in dissuading the hawkishly leaning committee from moving to a tightening bias? Today, Ed and Elias set out both the dovish and hawkish points that the committee no doubt will discuss in what’s bound to be a heated debate. … Also: Warsh steps into his

Ed Yardeni

Crib Notes For Warsh & Co. On The Fed's Dual Mandate

Jun 17, 2026 5 min read

During the final four months of 2025, the Fed lowered the federal funds rate (FFR) three times by a total of 75bps. The cuts were justified for two reasons: Inflation was approaching the Fed's 2.0% target, and the labor market was weakening. So the FFR was deemed to be too restrictive, i.e., above the "neutral" FFR. Under the Fed's dual mandate, the

Ed Yardeni
Elias Griepentrog

Why Is The US More Exuberant Than China?

Jun 16, 2026 4 min read

China has accomplished a great deal over the past few decades, transforming from a poor, insular, and rural economy to the world's second-largest economy. Its transformation has been hailed as an economic miracle. Yet this miracle hasn't been reflected in China's stock market. The China MSCI stock price index has been flatlining since the end of the Great Financial Crisis (GFC) in 2010.

Ed Yardeni
Elias Griepentrog

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