Ed Yardeni

ECONOMIC WEEK AHEAD: April 27-May 1

Apr 25, 2026 4 min read

This is one of the busiest weeks of the year on the economic calendar. Five major central banks meet: the Fed, the Bank of Japan, the Bank of Canada, the European Central Bank, and the Bank of England. Five mega-cap tech names report earnings: Alphabet, Amazon, Meta, Microsoft, and Apple. Wednesday brings the advance Q1-2025 GDP report, and Thursday the March PCED, which will show how much of

Ed Yardeni
Toby Hearst

INFORMATION TECHNOLOGY: Creative Destruction On Speed

Apr 25, 2026 4 min read

We lowered the S&P 500 Information Technology and Communication Services sectors from overweight to market weight on December 7, 2025. We did so because the two sectors together accounted for 45% of the S&P 500's market capitalization (chart). We were also concerned about the mounting uncertainties regarding the rate of return on hyperscalers' massive AI investments. Since then, investors have concluded that the

Ed Yardeni
Toby Hearst

Stock Market Rally Isn't Running Out of Fuel. US Economy Still Acing Stress Tests.

Apr 23, 2026 4 min read paid

President Donald Trump may have to write a sequel to his 1987 book, "Trump: The Art of the Deal." It's hard to make a deal if you kill your opponent. He said that about Iran today again: "They’re all messed up. They have no idea who their leader is... We took out, really, three levels of leaders... So they have a hard time figuring

Ed Yardeni
Elias Griepentrog

Warsh, Rinse, Repeat

Apr 22, 2026 5 min read paid

We are Fed Watchers. In his Senate Banking Committee hearing yesterday, Kevin Warsh suggested that under his leadership, we might have less to watch. He advocated ending current "forward guidance" practices, which means no more quarterly Summary of Economic Projections, including the Dot Plot (chart). He suggested that a press conference after FOMC meetings should only be held when there is "important news" to deliver, rather

Ed Yardeni
Elias Griepentrog

WEEKLY WEBCAST: Debating Warsh

Apr 22, 2026 1 min read paid

Kevin Warsh, the probable next Fed chair, wants to lower the federal funds rate sooner rather than later. Few FOMC members agree with him. Ed and Elias don’t either. Today, they explain why Warsh’s case for lower rates is fundamentally flawed. It rests on the economic dogma that, because the labor share of National Income is declining amid an AI-fueled productivity boom, the theoretical neutral federal funds

Ed Yardeni

Power Vacuum In Iran Isn't Fazing US Economy

Apr 21, 2026 4 min read

What if the US won the war, but Iran can't surrender because no one is in charge over there? To make a deal, President Donald Trump needs someone to deal with. He was hoping to strike a deal this week in Islamabad, but the Iranians declined to meet because they are too busy fighting among themselves. Indeed, Trump, today, said that he extended the ceasefire because "the

Ed Yardeni
Elias Griepentrog

ENERGY: A Buying Opportunity

Apr 20, 2026 4 min read paid

We gave up on the S&P 500 Energy sector a couple of years ago. It has been underperforming the S&P 500 since late 2022 (chart). As a result of the latest war in the Middle East, it has been an outperformer since the beginning of this year through Friday, March 27. The sector has been underperforming again since then, when President Donald Trump suggested that the

Ed Yardeni
Elias Griepentrog

MARKET CALL: Animal Spirits Are Back

Apr 19, 2026 4 min read paid

When Kaiser Wilhelm II's Germany and Tsar Nicholas II's Russia squared off in the summer of 1914, the London Stock Exchange closed for five months. The New York Stock Exchange shut for four months. Investors assumed a continental war would be a calamity. World War I was a calamity for sure. However, by 1915, the NYSE had reopened, and the DJIA more than doubled by late

Ed Yardeni
Toby Hearst

INDUSTRIALS: Earnings & P/E Multiples Boosted By Booming AI, Onshoring & Defense Spending

Apr 18, 2026 4 min read

We continue to recommend overweighting the Industrials sectors in the S&P 500, the S&P 400, and the S&P 600. Granted, their valuation multiples are high, but so are their earnings growth rates. The sector's three major indexes all remain on solid uptrends that started in 2022 (chart). The S&P 500 Industrials sector is up 11.9% ytd, the third-best

Ed Yardeni
Toby Hearst

ECONOMIC WEEK AHEAD: April 20-24

Apr 18, 2026 3 min read

The week starts with the Strait of Hormuz still the key risk for financial markets. Today, Iranian state media said the Strait has been closed again because the US “did not fulfill their obligations.” Iran had declared it was open on Friday. A renewed US diplomatic push could send senior officials back to talks as early as Monday, but no date has been finalized, and the situation remains fluid. In

Ed Yardeni
Toby Hearst

Stock Market Highs Confirm US Economy Is A Winner

Apr 16, 2026 4 min read paid

The message from the stock market is clear: The US economy is passing another stress test. Both domestic and foreign investors have shifted their attention from the risks of military escalation in the Middle East back to the remarkably consistent resilience of the US economy. The results are all-time highs in equities and a fresh wave of buying by both domestic and foreign investors. Even Michael Burry is reportedly

Ed Yardeni
Elias Griepentrog

The Champagne Glass Is More Than Half Full

Apr 15, 2026 5 min read paid

Happy days are here again! The S&P 500 and Nasdaq rose to record highs today, which just happens to be tax day. What's all the excitement about? The AI bubble hasn't burst, so far. Instead, hyperscaler stocks are leading the charge since the stock market bottomed on March 30 (chart). The private credit bubble may be losing some air, but it isn't

Ed Yardeni
Elias Griepentrog

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