Despite his peers sounding the alarm about the potential for a U.S. recession for over two years now, Ed Yardeni, founder and chief investment strategist at Yardeni Research, has remained steadfastly bullish. The veteran market watcher, who spent decades in various prestigious Wall Street positions and previously served as a Federal Reserve Bank economist, has long argued that the odds of a “hard landing” for the U.S. economy are relatively low due to fading inflation and a strong labor market.
But on Monday, Yardeni revealed that the rapid rise in oil prices this summer has raised the prospect of a 1970s-style era of persistent inflation and a recession.
