Economist Called Bull Rally, Now Says S&P 500 To 10,000, Here's When | Ed Yardeni

Summary

Ed Yardeni remains bullish on the S&P 500 and raises his long-term target to 10,000 by end-2029, citing a resilient economy, baby-boomer spending, productivity gains, strong margins, and AI/tech capex. He criticizes the Fed's recent 25bp cut as politically influenced and argues the Fed is effectively accepting 3% inflation. He favors gold, inflation-indexed bonds, financials, information technology, small/mid-cap IT, industrials, and cloud providers, while flagging melt-up and debt-crisis risks.

• Yardeni keeps a roaring-2020s bull-market call and targets S&P 500 at 10,000 by end-2029.
• He sees the economy as resilient despite tariffs, with baby boomers spending $80T and productivity improving.
• He says the Fed's 25bp cut was politically swayed and that the Fed is de facto tolerating 3% inflation.
• He views labor-market weakness as largely supply-side and not easily fixed by monetary policy.
• He favors gold with $4,000-$5,000 targets and inflation-indexed bonds as stagflation hedges.
• He likes financials, investment banks, information technology, small/mid-cap IT, industrials, and cloud providers.
• He sees long-term bond yields around 4.25%-4.75% as fair but warns of a possible debt-crisis spike.
• He is skeptical that lower rates will revive housing because supply constraints dominate.