The U.S. economy has shifted from a 'rolling recession' to a 'rolling recovery,' according to market veteran Ed Yardeni.
The U.S. economy has shifted from a "rolling recession" to a "rolling recovery," according to market veteran Ed Yardeni. Since March of last year, the Federal Reserve has raised the federal funds rate by five percentage points and is likely to increase it by another 50 basis points by the end of this year. Despite this monetary tightening, the U.S. economy has not fallen into a recession.
"Consumers bought a tremendous amount of goods following the pandemic lockdowns in 2020 and 2021. As retailers and wholesalers scrambled to order more … consumers had already decided to pivot away from buying goods to buying services," the former Deutsche Bank chief investment strategist told CNBC's "Squawk Box Asia" Tuesday.For example, large parts of the residential real-estate sector had been in a recession for the past eight quarters.
"There's lots of pent-up demand for housing and a significant shortage of inventory. That may be enough to end the housing recession even if mortgage interest rates remain elevated," said Yardeni in a note to clients on July 3.The bullish investor also dismissed concerns about a recession caused by a
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