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ed yardeni says it is all gained without much pain. rates of pleasure having you here. thank you for your time. i read your supposition about what the yield curve might mean and i said it is elementary. how had i not thought of that. it doesn't necessarily mean it was a recession but inflation coming down at an rapid pace. why haven't we heard more of this? ed: the inverted yield curve has predicted a process. in the past, interest rates rose as the fed raised rates. they say if the fed keeps going like this something will rake and then they buy bonds. and then it sure enough something would break in the financial system and then we become an economy wide credit crunch which clearly would cause a recession. it is a process and has had a good track record of predicting recessions as a result. the current situation has done a great job anticipating the financial crisis. we had that in the banking sector in march but the fed came in so rapidly providing liquidity that it has not morphed into a credit crunch and into a recession. the bond market investors are anticipating w

i don't think you're with ed yardeni in the recovery camp just yet. >> growth will be constrained nextr as well when you see a boom in services when you had a depression were not going to collapse again but it is going to be slower in the coming year. the good news manufacturing some components of construction are deep in a contraction and they will be recovery in the coming year. charles: i see the charts that show parts of construction starting to take off and crediting all of the money coming in from the different various federal programs and the restoring movement, does that counter that at all? >> is a strong component double-digit growth in the small part of the economy. the fed has mobilized the housing market there is very low turnover for people who have mortgages at much lower rates. charles: nobody's going to give up a 3% mortgage to buy a house for 7% even if he could make a few bucks that you live in. >> long cycle multifamily housing construction, 17 months of construction time 2 - 3 years of planning all of that started with tr rates dramatically lowe. multifamily housin

charles: anyway, talk about this market, i have to go to ed yardeni, ed yardeni has been ahead of the crowd on everything. this morning came out with a note saying there could be a global economic soft landing. ed, i want to bring you in now because, feels like many every day there is headline coming out of d.c., a headline coming out of ed yardeni. congratulations. you're the hottest guy on the street. i don't have a lot of time. went long with the governor who is fantastic interview. i want to get your ideas on this. a soft landing around the world? >> i think that's what we're experiencing. last summer there was concern about a hard landing in europe and a hard landing in china. it turned out to be mild winter in europe. they founded the natural gas they needed to avoid freezing in the dark. now data coming in showing they're in a very mild recession in the fourth quarter and the first quarter and klein's recovery after the end of their lockdowns has been very anemic. those two major areas of the world are certainly contributing to a soft landing in the global economy. charles: her

i want to bring in yardeni research president ed yardeni. ed, i loved oar report yesterday.have the picture of the flowers right? but a sunny today. today was a sunny day for stocks and bonds following a few stormy days. talk to us about this. i mean the title, sunny days, you laid it out perfectly. >> well look, we have had a few gloomy days last week and then we came back this week and the markets actually doing quite well. i think it really got going when, on monday we saw the expected inflation report come out from the federal reserve bank of new york and it showed that inflation expectations continue to fall. so that's one out of three that is going the right way. now we hope that the cpi and the ppi and wednesday and thursday do the same. charles: so you do also acknowledge that there is some worries out there, recession worries. you take them on head first, which is one of the reasons people love you. i put them on the board, five recession worries. falling leaning indicators, inverted yield curve. this has been inverted a long, long time. particularly some of the oth

. >>> knew market veteran ed yardeni says we've shifted from a rolling recession to a rolling recovery>>> coming up on the program, the ecb delivers "i"s its lates readings we'll dig into the numbers and talk with paul after this break. has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. >>> welcome back to "street signs. the financial authority has looked at whether the odie person was fit to work a number have cut ties with odey over being accused of assault. the fca has been investigating for two years. odey denies any wrongdoing. >>> eurozone consumer cease a lower inflation. a majority of respondents extent prices to grow by 3.9%over the next 12 months that's down from 4.1% in april and 5% back in march here's a picture of european bond yields. we're lower across the board

i had ed yardeni on yesterday and ed is sort of like, hey, who is us, who is the permabull, right?udden ed is elbowing you a little bit. your target, you did raise your target for the year, 4300 to a 450 which seems a little quaint. he is 5400 by end of next year. what's up? what's up with you? >> we came out, okay, in november and said 4300. everybody was in the threes, right? we were the crazy person. six weeks ago we raised it to 4550. people say 550? but we're here. we look a base case, our base case is 450. our bull case for year-end is 50-50 brand new highs. charles: right. >> i think looking more and more like our bull case will be it. i don't know anybody can predict the market end of next year. ed you're amazing big span, have for many years not until we have a better feeling what the earnings number is next year. charles: earnings recession, right? that is the question. you don't even believe -- >> chicken little recession. recession is coming. obsession recession and guess what? when you're usually looking for something in your life you never find it. we keep looking for

dollar at a 14-month low >> now our "halftime" headliner ed yardeni to talk inflation and the impact on the market how are you today? >> i'm fine, thank you >> what does the cpi read mean for the economy and for the markets? >> i think with the benefit of hind hindsight, inflation is much more persistent in some areas and transitory in others in fact, we've seen a very transitory situation in the goods market, goods inflation has come down dramatically, down basically to zero. now i think we're starting to see disinflation in the services side, the rent component, which is 40% of the cpi. some of the inflation was related to the pandemic, the shocks of the pandemic, and they're dissipating. i think inflation concerns will abate. we did have a mini recession in 2020 i think we're still in an economic expansion i think we've been in a rolling recession, if we've been in a recession at all, it's been a rolling one. >> ed, you're saying inflation concerns abate we had several fed speakers out today, kashkari, barkan, both saying inflation is too high is there another fed speaker you're l

ed yardeni of yardeni research, coming up.e 4500 and then said, maybe i am not bullish enough. that was a couple of months ago. lisa a.: and i remember tom's response -- wow! can we get 5000? it seems like we are headed toward that and people are talking about resistance at 4650 and then it keeps going. tom: he does what anyone would do. the gloom crew was worried about the next report and the next fed meeting. a guy like yardeni and other bulls are looking out two, three, four years. what if technology does not -- it is assumed technology cannot go further. ok, what if they do? jonathan: i think we said that. tom: apple is a $5 trillion company. jonathan: it is up to hundred percent year to date -- 200% year to date. you never told me about prime. tom: i get home last night and there is a stack of hills dog food from chewy. i did not know about that. lisa a.: face cream. jonathan: is that what you got? lisa a.: protein face cream. the first time you connected your godaddy website and your store was also the first time you rea