Ed Yardeni

Nvidia Isn't Cisco

May 28, 2025 3 min read paid

As Nvidia's stock price soared during 2024, the naysayers compared its ascent to Cisco's roundtrip performance during the Tech Bubble of the late 1990s, which was followed by the Tech Wreck of 2000 and 2001 (chart). Cisco was the tech darling of the dawning Internet Age. Nvidia is leading the way in the AI Age. Cisco crashed when the Dot.Com Bubble burst. When DeepSeek was

Ed Yardeni

WEEKLY WEBCAST: Japan’s Brawl With The Bond Vigilantes

May 28, 2025 1 min read paid

After last week’s portentous Japanese government bond auction, in which demand was so weak as to be off the charts, William explains what went wrong and why. Contributing factors included the BOJ’s halted tightening owing to “tariff haze,” the Prime Minister’s unfortunate remark likening the nation’s fiscal situation to that of Greece, and vestiges of Japan’s economic past. But having Japan-specific causes doesn’t detract

Ed Yardeni
William Pesek

Happy Day

May 27, 2025 3 min read paid

Today is a happy day for stock investors. They are pleased that President Donald Trump had a pleasant phone call with EU Commission President Ursula von der Leyen over the weekend. So he postponed his threat on Friday to impose a 50% tariff on the EU on June 1 to July 9. Today, Trump said he is monitoring "positive" steps in trade talks with the region, which has

Ed Yardeni

ECONOMIC WEEK AHEAD: May 27 - 30

May 26, 2025 3 min read paid

The week ahead is starting with another tariff whiplash. On April 2, President Donald Trump imposed hefty reciprocal tariffs on America's trading partners but postponed them for 90 days on April 9. On Friday, he threatened new tariffs on the European Union, Apple Inc., and perhaps Samsung and other tech giants to be named later. But on Sunday, he postponed Friday's June 1 tariff of 50%

Ed Yardeni
William Pesek

MARKET CALL: Don't Get Thrown Off The Bull

May 25, 2025 3 min read paid

Ed Yardeni

DEEP DIVE: Demographics Entrench Deflation In China

May 24, 2025 3 min read paid

For a decade now, economists have been theorizing about how China’s aging and shrinking population might affect its economic growth potential (Fig. 1 below and Fig. 2 below). Yet there’s nothing conjectural about the ways demographics are now exacerbating the nation’s deflation troubles. As Japan’s experience since the 1990s has highlighted, few Asians in their mid-60s and higher consume with gusto as twenty- and thirty-somethings do.

Ed Yardeni
William Pesek

The Elephants In The Room

May 22, 2025 3 min read

The elephant is as good a metaphor as there is for the US government bond market. Its scale, power, memory, emotional intelligence, and tendency to live in complex family groups—just like the broad array of debt instruments—are right on the nose . . . er, trunk. Yet this week, we saw that the room in which the bond market operates has more than one elephant. The other large mammal in question

Ed Yardeni
William Pesek

Is A US Government Debt Crisis Imminent?

May 21, 2025 3 min read paid

Stock investors have been less "tarrified" about President Donald Trump's tariffs since April 9, when he postponed most of his proposed reciprocal tariffs by 90 days (chart). However, they may now be getting spooked that the bond market might be on the verge of a debt crisis, especially after Moody's downgraded US government debt on Friday and Japanese bond yields soared in recent days.

Ed Yardeni

Dr Ed's Video Webcast 5/21/25

May 21, 2025 1 min read paid

Meltup In Stocks Or Meltdown In Bonds? Two scenarios to put on your radar: Bond prices might melt down if the Bond Vigilantes are roused by the downgrading of the US’s sovereign debt rating and/or the prospect that Trump’s tax-cut bill worsens the federal budget deficit outlook and/or tariff-related inflation. But a bond market meltdown could force Washington to set the US onto a more sustainable

Ed Yardeni

Risk On & Off Here & There

May 20, 2025 4 min read paid

As the world turns, so do risk-on and risk-off trades around the world. Some are for the short term and based on technical factors. Others are for the long term and based on fundamentals. Let's take a quick tour around the world: (1) Japan. While pessimists have been predicting an imminent sovereign debt crisis in the US, it seems to be unfolding in Japan currently. Amid a shrinking

Ed Yardeni

Let Them Eat Tariffs!

May 19, 2025 3 min read paid

Walmart warned last week that it will have to raise prices because of President Donald Trump's tariffs. On Saturday, the President advised the country's largest retailer that it should "eat the tariffs." Retailers operate with very thin profit margins (chart). If they don't raise their prices, they stand to lose money on their sales. That's not a sustainable business model.

Ed Yardeni

MARKET CALL: Valuation Mojo Driving Stocks' Big Mo Rally

May 18, 2025 2 min read paid

The meltup scenario is making a dramatic comeback. It was one of our three scenarios until March 24 when we wrote the following in our Morning Briefing: "We've decided to fold our 1990s meltup/meltdown scenario into our Roaring 2020s scenario. The current correction in the stock market suggests that the former has played out already, as the bull market's highflyers have been hit hardest

Ed Yardeni

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