Leaders at the Bell with Ed Yardeni, CEO at Yardeni Research, Sep 11, 2025

Ed Yardeni, CEO of Yardeni Research, joins Leaders at the Bell to discuss his outlook for equities, the dollar, and alternative assets heading into year-end. Yardeni anticipates a year-end rally driven by earnings growth rather than multiple expansion, noting that forward price-to-earnings ratios remain elevated near 22 but can sustain those levels absent a recession. He emphasizes that corporate earnings have reached record highs despite policy volatility in Washington, including tariff uncertainty and fiscal disruptions. Yardeni expresses skepticism that first and second quarter earnings strength will fade, arguing the US economy demonstrates resilience independent of political turbulence. On currency markets, he pushes back against euro strength forecasts, citing structural headwinds across Europe including geopolitical risk from the Russia-Ukraine conflict, fiscal instability in France, and automotive sector challenges in Germany.

Regarding commodities and digital assets, Yardeni maintains his bullish gold outlook and projects the metal could reach $4,000 by year-end and $5,000 in 2026, following a technical channel that has already pushed prices past $3,600. He characterizes gold as the new Bitcoin, while acknowledging Bitcoin itself has attracted younger investors seeking alternatives to fiat currencies amid geopolitical and economic uncertainty. Yardeni addresses the pending Supreme Court review of tariff legality, suggesting the administration possesses sufficient legal resources and economic leverage to maintain trade pressure regardless of judicial outcomes, reinforcing his view that markets have learned to perform despite policy noise rather than because of policy clarity.