Toby Hearst

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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