Bloomberg Surveillance Bloomberg Surveillance TV: January 3, 2025
Jan 3, 2025
Ed Yardeni, President of Yardeni Research, shares his insights on the sustainability of the equity bull run. He discusses market trends and the implications of new executive orders impacting national ownership in key industries. Mark Cabana, Head of US Rates Strategy at Bank of America, analyzes the complexities of interest rates in today’s volatile economic landscape. The duo also explores how fiscal policies could shape the future of the US economy, alongside perspectives on employment trends and technological advancements driving resilience.
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2025 Market Outlook
- Ed Yardeni predicts a 19% S&P 500 increase to 7,000 in 2025.
- He anticipates a bumpier ascent than prior years due to monetary and fiscal policy uncertainty.
Policy Uncertainty
- The incoming Trump administration's policies create uncertainty, similar to a doctor prescribing medications without checking interactions.
- Their success in getting policies through is also uncertain.
Economic Resilience and Productivity
- The economy has shown resilience to high interest rates and possesses its own dynamics.
- A productivity boom, already started, will likely continue, boosting the economy and keeping inflation down.