Last quote by Edward Yardeni
Edward Yardeni quotes
Financials have had a great move, but they were extremely disliked – hated even. And, they were big laggards.
The lofty valuations and the vertical ascents in the major stock indexes strongly suggest that the mania phase of this bull market may be underway. It may have further to go once overseas cash actually does get repatriated and if retail investors start to pile into the market.
The economy will be run by vigilantes in the bond market.
I would think that what's really changed is that it's very unlikely we're going to be facing deflation or still lower inflation, and very likely we're going to see inflation moving higher.
[I'm] not convinced that the bond market is signaling a recession in the U.S. or even in the global economy. It is confirming that overseas central banks will continue to pursue their ultra-easy monetary policies, and that the Fed will postpone additional rate hikes.
In the past, the Fed rarely paid much attention to what was going on around the world. They can't do that anymore.
The world just has too much debt, it's got aging demographics and it's got a lot of technology that aims to replace workers. Put it all together and you don't have much inflation and you don't have much growth.
The rest of the world has got a lot of challenges. With regards to our market, clearly we've seen a melt-up in bond prices and a melt-down in bond yields, and that's been reflected in utilities. The U.S. really does stand out. We're doing better than the rest.
Plenty of people are working and are hard-pressed to find a place to invest. They're all getting stretch marks from stretching for yield.