Yardeni QuickTakes (Page 2)

The Latest Pitch of America's Top Bond Salesman

Aug 24, 2026 5 min read paid

Because of the recent commotion in the bond market, Dr. Ed has received many inquiries about the “Bond Vigilantes,” a term he coined in 1983. In response, please see his Bond Vigilantes Primer, which includes a few of his most pertinent excerpts on the topic over the years. I. The New Treasury-Fed Accord In November 2025, Treasury Secretary Scott Bessent said, "My job is to be the nation&

Ed Yardeni
Elias Griepentrog

GLOBAL MARKETS CALL: China Dumping Its Excess Production On The World

Aug 23, 2026 5 min read paid

The Go Global trade continues to work; August has not interrupted it. Asia's AI-linked stock markets are back in the performance-derby lead after July's shakeout, and the other emerging markets that led this year are leading again. Last week's action was in bonds. Treasury Secretary Scott Bessent doubled the Treasury's buyback program for longer-dated debt, lifting repurchases to at

Ed Yardeni
Toby Hearst

US SECTORS CALL: Health Care, Semiconductors, Consumer Staples & Materials

Aug 23, 2026 5 min read paid

Health Care (OW) led the S&P 500 sectors this week, rising 4.3%. Energy (OW) was next at 2.5% and is up 41.2% ytd, the best of the 11 sectors (chart). Materials (OW) also finished higher, up 2.3%. The other eight sectors fell. Utilities (OW) was the weakest at -3.6%, followed by Industrials (OW) at -3.4% and Information Technology (MW) at -3.2%

Ed Yardeni
Toby Hearst

ECONOMIC WEEK AHEAD: August 24-28

Aug 23, 2026 4 min read

Global bond markets stole the spotlight last week. The US 10-year yield closed at 4.74% and the 30-year at 5.27%, up 6bps and 2bps, respectively, for the week (chart). Treasury Secretary Scott Bessent surprised the markets on Wednesday by announcing that the US Treasury would double its long-term debt purchases to at least $4 billion per operation; that was the same day that the US

Ed Yardeni
Toby Hearst

US MARKET CALL: Stocks Getting Cheaper As Earnings Outpace Prices

Aug 22, 2026 5 min read

Stocks are cheaper than they were in January. S&P 500 forward earnings has risen twice as fast as the S&P 500 stock price index so far this year. So the forward P/E has declined as the index rose to record highs. The impetus was FEMO (fabulous earnings momentum) as opposed to FOMO (fear of missing out). Investors are getting more earnings for their money than

Ed Yardeni
Toby Hearst

Freaking Out Over The Bond Market

Aug 20, 2026 4 min read paid

I. Bonds On Wednesday, the Treasury Department announced that it was doubling the size of its effort to buy back Treasury securities with maturities between 10 and 30 years, ‌to $4 billion per operation. Long-dated Treasury borrowing costs had been rising sharply amid competition for capital from AI data-center builders, and on worries about government deficits. US sovereign debt hit a record $40 trillion on Wednesday. Bond yields

Ed Yardeni

Bessent's Put For The Bond Vigilantes & More On Fed's Hawks vs Owls Debate

Aug 19, 2026 4 min read paid

I. The US Treasury Today, the US Treasury announced it is at least doubling its liquidity-support buyback operations for longer-dated government debt. Long-end yields fell sharply after this morning's release (chart). Treasury Secretary Scott Bessent is signaling that he will do whatever it takes to keep a lid on bond yields. His message to the Bond Vigilantes: "You folks aren't the only

Ed Yardeni
Elias Griepentrog

WEEKLY WEBCAST: Hawks Versus Owls At The Fed

Aug 19, 2026 1 min read paid

Today, Ed and Elias share bird’s eye views of the economy from the perches of the hawks and owls on the Fed. The hawks may favor tightening at the FOMC’s September meeting, unconvinced that inflation is on a steady flight path down to the Fed’s 2.0% target. The owls are more confident of inflation’s downward course. July’s subdued inflation readings support their case for

Ed Yardeni

AI-Led Economic Boom Driving Yields Higher In US As Japanese Yields Continue To Normalize

Aug 18, 2026 4 min read paid

Several factors are driving bond yields higher worldwide (chart). The war in the Middle East in March boosted yields amid concerns that soaring oil prices would revive inflation. The war, along with other geopolitical crises, is bound to increase defense spending and widen already bloated government deficits. Central banks are increasingly pivoting from easing to tightening their monetary policies (chart). As a result, 10-year government bond yields have increased

Ed Yardeni
Elias Griepentrog

Is The Fed's Stock Valuation Model Working Again?

Aug 17, 2026 4 min read paid

I. The Fed's Stock Valuation Model In his famous December 5, 1996 speech, Fed Chair Alan Greenspan asked, "How can we judge whether stocks are overvalued or undervalued?" His staff apparently scrambled to examine various stock valuation models to help him gauge the market’s exuberance. One such model was made public, albeit buried in the Fed’s Monetary Policy Report to Congress that accompanied Greenspan’

Ed Yardeni

GLOBAL MARKET CALL: Momentum Is Back

Aug 16, 2026 3 min read paid

Momentum is back in the Go Global trade. The rotation that hit the AI-linked stock markets in July has reversed, and the leadership that held for most of 2026 is back in play. South Korea is the clearest sign of this development. The KOSPI is up more than 20% from its July 30 closing low. That ends a brutal stretch. The index fell almost 40% from its June peak

Ed Yardeni
Toby Hearst

US SECTORS CALL: Stories About Earnings, Margins & Multiples

Aug 16, 2026 4 min read paid

Energy (OW) led the S&P 500 sectors last week, rising 7.3%. It is up 37.8% ytd, the best of all the sectors. Financials (OW) rose 0.9% and is on an 11-week winning streak. Health Care (OW) and Utilities (OW) also gained last week. Consumer Discretionary (UW) and Materials (OW) fell. Communication Services (MW) was down 1.0% for the week and is up just

Ed Yardeni
Toby Hearst

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