Ed Yardeni

Is AI Frankenstein?

Feb 23, 2026 3 min read paid

The people who've created large language models (LLMs) to power artificial intelligence (AI) are now using them to code better LLMs. If LLMs are now so good at coding that they can create their own better versions, who needs coders anymore? Are the only jobs left in the software industry the ones for LLM prompters? In 5-10 short prompts, they have to tell the LLM what new software

Ed Yardeni

ECONOMIC WEEK AHEAD: February 23–27

Feb 22, 2026 3 min read

Now that the gavel has fallen on Donald Trump’s tariffs, the question is how the US president will try to save face. President Trump’s move on Saturday to slap 15% universal levies on the globe—up from an initial 10% on Friday—dispels the notion that Trump might’ve lost the taste for trade-warring. Where Trump takes tariffs now is anyone’s guess. On Friday, the Supreme Court

Ed Yardeni

MARKET CALL: A Loopy Stock Market

Feb 22, 2026 4 min read paid

The equal-weight S&P 500 has been rising to record highs since the beginning of the year, while the market-weight S&P 500 has been literally loopy just below 7000 over the same period (chart). This has been mostly attributable to the stock market's rotation in the type of outperforming stocks, from high-tech to low-tech industries. Previously, the former were supercharged by expectations that companies involved

Ed Yardeni

4724: The Year Of The Fire Horse

Feb 19, 2026 4 min read

Happy Lunar New Year! Last year was the Year of the Wood Snake, according to the Chinese Zodiac. In Chinese culture, the Snake is often seen as a symbol of wisdom, intuition, and transformation. The Horse is one of the most beloved zodiac signs. It is a powerful symbol of energy, freedom, and rapid success. Because the Horse is a social and high-spirited animal, its year is usually expected to

Ed Yardeni
Toby Hearst

Nirvana: Will Somebody Tell The Fed That We Have Arrived?

Feb 18, 2026 4 min read paid

The Fed achieved its congressional dual mandate in January. The unemployment rate fell to 4.3%, and the CPI inflation rate was down to 2.4% y/y. Those round down to what we call “Nirvana” readings, i.e., the low unemployment level of 4.0% and the Fed’s inflation target of 2.0% (chart). Fed officials should celebrate and go on a long vacation. They can leave the

Ed Yardeni
Toby Hearst

WEEKLY WEBCAST: Update On Earnings & Review of The Great Rotation Of The Roaring 2020s

Feb 18, 2026 paid

Dr Ed discusses the latest earnings outlook around the world and the remarkable rotation in the global stock market. 🔒Exclusive Early Access for Paid Members: Below, you'll find Dr. Ed's latest webcast. Paid members can enjoy immediate access to the video. This content will become available to the public at a later date—don't miss out on early insights, consider upgrading today!

Ed Yardeni

The Great Valuation Rotation Of The Roaring 2020s

Feb 17, 2026 4 min read paid

For most of the time since the pandemic, large-cap stocks have outperformed their smaller counterparts in the US stock market. That is, the LargeCap S&P 500 index has outperformed the MidCap S&P 400 and SmallCap S&P 600, collectively the “SMidCaps.” That started to change late last year as investors increasingly concluded that the former's earnings outlook had become riskier and its valuations

Ed Yardeni

ECONOMIC WEEK AHEAD: February 17–20

Feb 16, 2026 3 min read

This holiday-shortened week could be a pivotal one for investors trying to gauge the outlook for Fed policymaking. Highlights include a first estimate of Q4-2025 real GDP (Fri), December PCED inflation (Fri), February consumer sentiment (Fri), and the minutes from the January 27-28 Federal Open Market Committee meeting (Wed), when policymakers held rates steady. This fresh influx is especially welcome as the economy moves past the government-shutdown data distortions and

Ed Yardeni
William Pesek

Inflation: Are We There Yet?

Feb 16, 2026 4 min read paid

I. Overview On long car rides, the kids in the backseat often ask their parents, "Are we there yet?" That's the question investors are asking about inflation: "Are we at the Fed's 2.0% inflation target yet?" Our answer: "Not quite, but we are getting close." January's CPI report showed headline inflation at 2.4% y/y (chart)

Ed Yardeni

MARKET CALL: AI Is Speed Skating On Ice

Feb 15, 2026 4 min read paid

Technological innovations tend to be disruptive and dynamic. That's especially true with AI, which has the potential to disrupt itself, as evidenced by its ability to write software code, including AI code. So it can feed on itself, with the new code eating the old, making it obsolete very quickly. The pace of obsolescence seems to be moving at warp speed for both AI hardware and software, particularly

Ed Yardeni

DEEP DIVE: 10 Reasons To Remain Optimistic About The US Economy

Feb 15, 2026 7 min read paid

The following is an excerpt from our Morning Briefing dated February 9, 2026. Roaring 2020s II: Refresher Course. There are 10 good reasons for our optimistic update of the outlooks for real GDP and S&P 500 companies’ earnings in 2026. Without further ado, here they are: (1) Roaring consumer spending. Many taxpayers are expected to see significant refunds this tax season. Early estimates from the Treasury Department suggest

Ed Yardeni

AI Immunity Trade Strikes Again

Feb 12, 2026 4 min read

I. From Digital Back To Analog The “AI Immunity Trade” has caused more casualties in the stock market. It started with selloffs in software and private credit stocks at the beginning of the year. Since then, it has hit wealth managers, insurance brokerage, tax preparation, accounting services, professional data, and legal research. Today, it pummeled office REITs, trucking, and logistics stocks. Investors are scrambling to get out of the digital

Ed Yardeni

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