Ed Yardeni

ECONOMIC WEEK AHEAD: August 10-14

Aug 8, 2026 3 min read

Last week, July payrolls fell 23,000, missing the 85,000 consensus, even as the unemployment rate edged down to 4.1%. The 2-year Treasury yield fell 7 bps on the release before recovering to close little changed near 4.21%. This week, attention turns to inflation. July CPI (Wed) and PPI (Thu) will be the first hard inflation data since the Fed's meeting two weeks ago.

Ed Yardeni
Toby Hearst

People Close To Warsh Are Talking About Him

Aug 6, 2026 4 min read paid

I. The Fed Today's Financial Times ran an exclusive story about Fed Chair Kevin Warsh. It is based on insights provided by unidentified people close to him. They say that he admits that he has made some mistakes, "including failing to reinforce his key messages on price stability." In our opinion, he has been unequivocal about his commitment to restore price stability. He just hasn'

Ed Yardeni
Elias Griepentrog

US Economy Is Fine & The Fed Should Be Turning More Hawkish

Aug 5, 2026 4 min read paid

I. Macro The economy's two most important engines of economic growth, consumer spending and business investment, are booming. In Q2-2026 real GDP, consumption expenditures increased 3.3% (saar) and nonresidential fixed investments jumped 8.4%. The headline and core GDP deflators, the most comprehensive measures of economy-wide inflation, rose 4.3% y/y and 3.8% (chart). Fed officials should be turning hawkish. Recent Q2 earnings

Ed Yardeni
Elias Griepentrog

WEEKLY WEBCAST: GDP Growth Is AI-Powered & G-Shaped (Not K-Shaped)

Aug 5, 2026 1 min read paid

Looking solely at Q2’s GDP growth rate, one would think the economy is weakening. Not so, say Ed and Elias. In fact, demand of all types strengthened last quarter, buoyed by brisk consumer spending, thanks to the Baby Boomers, and brisk business investment, thanks to the AI boom. The lower GDP growth rate was a function of surging imports, which aren’t bad news. Imports often rise in response

Ed Yardeni

Stock Market's Summer Stall Is Over Thanks To The ‘OK Economy’ & FEMO

Aug 4, 2026 5 min read paid

In an interview with CNBC, US Treasury Secretary Scott Bessent said the US and Iran could reach an agreement to open the Strait of Hormuz to "freedom of movement" as soon as "today or tomorrow." Following his remarks—alongside reports of ongoing regional mediation via Qatar and Oman—crude oil prices dropped significantly. Brent crude fell below $80/barrel. The US Treasury yield curve edged lower

Ed Yardeni
Elias Griepentrog

Missions Impossible: The War, The Fed & The Yen

Aug 3, 2026 4 min read paid

In Mission: Impossible, Ethan Hunt is always given a nearly impossible mission to accomplish. The objective is crystal clear, the deadline is urgent, and a plan is quickly formulated to achieve the mission. Like Hunt, President Donald Trump, Fed Chair Kevin Warsh, and Treasury Secretary Scott Bessent have clear missions. Their plans for accomplishing these missions are less clear. Despite these uncertainties, the S&P 500 rose today to

Ed Yardeni
Elias Griepentrog

GLOBAL MARKET CALL: Damage From AI & War Shocks Has Been Minimal

Aug 2, 2026 4 min read paid

The global economy has been hit by two shocks this year and absorbed them well. The war that started in March pushed oil prices higher and disrupted global supply chains. The AI trade then took a dive in July, with Asian semiconductor stocks hit the hardest. Neither the initial shocks nor the aftershocks seem to have damaged the global economy so far. President Donald Trump said on Saturday that he

Ed Yardeni
Toby Hearst

US SECTORS CALL: Information Technology Is On Sale

Aug 2, 2026 4 min read paid

The S&P 500 closed Friday at 7,489.72. It has been stuck around 7,500 in a summer stall that actually started May 14. Below the calm surface of the market, there has been plenty of turbulence. Adding to last week's volatility was the forced liquidation of Leopold Aschenbrenner's Situational Awareness hedge fund. Apparently, Leo was unaware of the risks of leverage bets

Ed Yardeni
Toby Hearst

ECONOMIC WEEK AHEAD: August 3-7

Aug 2, 2026 4 min read

After a week dominated by the Fed news, Q2's GDP release, and four Mag-7 earnings reports, the week ahead is jam-packed with labor market data, capped by Friday's employment report. Fedspeak resumes as well, with Governor Lisa Cook and SF Fed Bank President Mary Daly both speaking on Wednesday. They were not among the three hawkish dissenters at last week's FOMC meeting.

Ed Yardeni
Toby Hearst

US MARKET CALL: Situational (Un)Awareness Hedge Fund Blows Up Without Blowing Up The Market

Aug 1, 2026 5 min read

So far, so good. We predicted a summer stall in the stock market, with bouts of volatility rather than a correction, and that is how June and July played out. The S&P 500 has gone nowhere since May 14, fluctuating around 7,500, while the market has churned underneath. The rotation of leadership among sectors that we expected has continued. Breadth has improved. Nothing in the past month

Ed Yardeni
Toby Hearst

US Economy Is Still Flying

Jul 30, 2026 4 min read paid

The latest batch of economic data suggests that the US economy remains in remarkably good shape. Domestic demand is strong, and the labor market continues to show resilience. Inflation isn't as picture-perfect. While June's PCED report provided some welcome relief, recent inflation shocks may spread in coming months. They include another round of tariffs, the AI building boom, high energy prices, and supply-chain disruptions.

Ed Yardeni
Elias Griepentrog

Warsh Fails First Credibility Test: Bond Vigilantes Want More Than Hawkish Squawks

Jul 29, 2026 4 min read paid

Fed officials just won't listen to us! We warned them that the economy didn't need the four cuts in the federal funds rate (FFR) at the end of 2024. The Bond Vigilantes agreed with us and pushed the 10-year Treasury bond yield up by 100bps at the time (chart). The same happened late last year. The Fed lowered the FFR three times. The bond yield

Ed Yardeni
Elias Griepentrog

Page 2 of 154