Ed Yardeni

Mind the Minutes

Feb 19, 2025 3 min read paid

The Minutes from January's FOMC meeting was released today. On balance, it confirmed that the Fed is on hold but still leaning toward lowering the federal funds rate some more if and when inflation falls closer to 2%. It's a dovish pause, which is supportive of both stocks and bonds. Consider a few key points, as well as recent economic data: (1) Inflation outlook. FOMC participants

Ed Yardeni

Dr Ed's Video Webcast 2/19/25

Feb 19, 2025 1 min read paid

The Gunfight At DOGE City The Bond Vigilantes aren’t saddling up just yet, but they’re on high alert, Ed reports. They’re watching to see whether anti-DOGE gunslingers will cripple the new federal department or whether DOGE will root out sufficient government inefficiencies to enable Trump 2.0 to slow the budget deficit’s growth and proceed on its tax-cut plans. The stakes are high for the US

Ed Yardeni

Buying What Glitters

Feb 18, 2025 2 min read paid

A late-day rally sent the S&P 500 up 0.24% to a new record high of 6,130. But gold had a much better day, jumping 1.8% to a record $2,952 per ounce. This "safe haven" asset is now up 10.6% ytd, better than the S&P 500's 4.5% and bitcoin's 1.8% gains so far this

Ed Yardeni

MARKET CALL: Unexceptional Performance Of US Stocks So Far In 2025

Feb 17, 2025 3 min read paid

US stocks haven't been exceptional since Donald Trump won the presidential election on November 5, 2024. That's if the performances on the major country MSCI stock market indexes are measured in local currencies (chart). So far, Trump's tariff turmoil seems to be weighing more on the US, Canada, Mexico, and many other emerging markets than on China and most European countries. That could change

Ed Yardeni

ECONOMIC WEEK: February 18–21

Feb 17, 2025 3 min read paid

The shortened economic week ahead is an important one for our rolling recovery forecast in the manufacturing sector. January's data suggested that industrial production may be starting a cyclical rebound (chart). This week's early look at February's regional business survey data may confirm that. There will also be updates on the housing sector. Let's discuss what's up ahead:

Ed Yardeni

DEEP DIVE: Roaring 2020s & Reciprocal Tariffs

Feb 14, 2025 7 min read paid

This is an excerpt from Yardeni Research Morning Briefing dated Monday, February 11, 2025. US Economy I: On the Road Again. Taylor Swift’s “The Eras Tour” was her sixth tour. It started on March 17, 2023 in Glendale, Arizona and concluded on December 8, 2024 in Vancouver, British Columbia. My “Roaring 2020s Tour” started in California at the end of January 2024. My latest stops were in Georgia and

Ed Yardeni

Bond Yields Do A Backflip On CPI & PPI, Stocks Rally On Tariff News

Feb 13, 2025 3 min read paid

The 10-year Treasury bond yield jumped by 10bps on Wednesday's hotter-than-expected January CPI report (chart). In his congressional testimony on Wednesday, Fed Chair Jerome Powell acknowledged that the Fed has more work to do to get inflation down. Today, the bond yield fell 10bps on a hotter-than expected January PPI report and an upward revision in December's PPI. Huh? You read that right. Some of the

Ed Yardeni

Fed Rate Cuts On Ice As Inflation Heats Up

Feb 12, 2025 3 min read paid

Today's hotter-than-expected January CPI inflation did some damage to bonds, raising long-term Treasury yields roughly 10bps. Headline and core CPI rose 0.5% and 0.4% m/m, respectively, as many companies set their annual price increases. But this wasn't a start-of-the-year blip; inflation has been rising since last summer (chart). So after 100bps of federal funds rate (FFR) cuts from September 18 through December 18

Ed Yardeni

Dr Ed's Video Webcast 2/12/25

Feb 12, 2025 1 min read paid

Anatomy Of Full Employment When others saw labor market weakening last summer, we saw normalization from the settling down of pandemic-period churn. Our labor market outlook remains constructive. The growth of the labor force should continue to slow, but demand for workers will remain strong, keeping the labor market needle at full employment. Strong productivity gains from widespread AI adoption and a full-employment labor market should spur robust real wage

Ed Yardeni

Eyeing the CPI

Feb 11, 2025 3 min read paid

Federal Reserve Chair Jerome Powell's congressional testimony today confirmed that the Fed remains in a dovish pause mode. The FOMC is in no hurry to lower the federal funds rate (FFR). That's even though many of the committee's participants believe that the FFR remains relatively restrictive. So when they finally move again, it will most likely be to lower rather than to raise the

Stephen Rybka
Ed Yardeni

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

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

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