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bring in yardeni research president ed yardeni.d, i want to get back to the notion of resolve in the market. you're one of the very first on the street that october was the low. this is before the beginning of the year. fourth time we've seen the s&p go under the 50-day and come back. what does that suggest to you about the momentum in the market? >> i think the momentum is based on the fundamentals. analysts are starting to raise earnings estimates for this year, next year and the year after that. we have quarterly estimates by the analysts for the second half of the year and for all four quart is of next year and there are no longer reading that recession memo that, recession that never arrived. and now they're saying that the economy is doing remarkably well. we're problem think going to have real gdp over 5% in the current quarter. on top of all of that, the consumers are spending. so it all adds up to a good fundamental story for the market. charles: what about the action since the jackson hole speech on friday? everyone sort

i want to bring in yardeni research president ed yardeni. i want to start with a comment you made about the moody's downgrade. i found it somewhat intriguing. it should make it easier for u.s. treasuries to fund this deficit. walk the audience through how that works. >> well on august 1st the fitch rating agencies downgraded the government debt and the reaction of the government market was a negative one. all of sudden people thought, well maybe there is risk in government securities but clearly the government is going to pay off its obligations as necessary. we're not going to default on our debt but that was kind of hanging over the market until a couple days ago moody's decided to downgrade the banks and that made people realize that you know, of all the securities that are out there government securities are still probably the safest. and so here we have got a big auction week this week and we'll have plenty of, big auction weeks ahead and i think the extent which it is back to kind of a risk-off scenario in the bond market, government b

meanwhile ed yardeni will weigh in once again what is happening in the bond market. our debt goes up five billion dollars every single day and there are less and less buyers s that one one of the things thatl seal our fate? i will ask ed. we're hours away from the first republican presidential debate. the question who will emerge and how? greg valliere, beverly hallberg are on deck. i will give you my take on what they must do. mask mandates are making return. there is new variant but should we to to the old script? i will ask dr. siegel. america at a crossroads, do we want free money or pull ourselves up by bootstraps? that and so much more on "making money". ♪. charles: i kind of thing we'll look back new year's eve, reminisce what was the pivotal point what was of pivotal day last year? it might be july 31st. july 31st announced they would have to borrow a trillion dollars for the third quarter. remember that was $274 billion more they mentioned just earlier in may. here's the thing, now all of sudden our debt, public debt will go up every single day by $5.2 billi

joining me now yardeni research president ed yardeni.d, i know right now you're one of these bond bulls, right? >> well, i think bonds are very attractive here at 4, 4.25% but i'm a nervous bond bull because we're at very important technical level here right around 4.25%. we take that out and it could be nasty to the upside, maybe four 1/2. i don't think we'll go up to five, 5 1/2% but i think if we get breach the 4.25 level the stock market would continue to sell off. charles: let's talk about the stock market for a moment because we're pulling back here a little bit. listen it has been one heck of a ride for the s&p. this is the 50-day moving average. right there. >> right. charles: typically that's a point you want to hold particularly with these sort of rallies. if there is near term pressure we start to break down under that number, how much further down do you think we could go? >> i think we could about down to the 200-day moving average depending how things unfold here. today we got some bad news out of china. china basically loo

e ed yardeni coined the term bond vigilantes with peter st. onge, along with the alarm bells. americans may lose a trillion dollars with what is happening in japan. this is not stopping jpmorgan trading desk, s&p 500 is inevitable. they now reverse their call on recession. i will ask the market guests how to be best positioned in these choppy waters. my take on the american dream and why happiness is fleeing in america. all that and so much more on "making money." ♪. charles: all right, folks, u.s. credit rating history, the last time standard and poor east doesn't graded treasurys you remember what happened there. let's talk about what just happened in the last 24 hours. fitch now downgrading america. we're at aa-plus. here is the interesting thing. we were aaa for a long time and then we got the aaa but, but there was a negative outlook. they were a little bit concerned. they expressed these concerns. we were actually doing better. here recently we gapped back to stable outlook where we want to be. all of sudden free money started to cascade into the economy. all of that fre

edward yardeni who coined the phrase bond vigilantes. a few weeks ago, edot being bullish enough. bond market selloff later and you can see clipping the wings of the bulls out of the moment. lisa: significantly. you can see people retracing and buying the dip but they are not coming in so much. if you like tag wall 11% ago, why would you not come in and unload the boat? jonathan: welcome to the program. on the s&p 500, we are negative here by .3%. the next hour, we catch up with cam endorse an of new age wealth. the economist that cried recession, we talked a lot about those for the year so far. the economist that cried recession, it is the retail crime recession. commentary after commentary on what will happen into the end of the year from target the other day, walmart yesterday. when you hear this from the ceo of one of the world's biggest retailers, it is worth listening to and here's the quote, rising energy prices, resuming student loan repayments, higher borrowing costs, tightening lending standards, the list goes on. bear with me. a drawdown in exces