Trends with Benefits #19: Watching the Fed with Ed Yardeni
21 July 2020
I was fortunate enough to be able to speak with Dr. Ed Yardeni, President and Chief Investment Strategist of Yardeni Research. Dr. Yardeni is an economist and investment strategist who is also an experienced and widely followed “Fed watcher” helping people understand, anticipate and profit from the decisions of Federal Open Market Committee (FOMC). Even if you’re only a casual follower of financial news, you’re probably aware that the Federal Reserve has undertaken unprecedented actions to help support the economy so, it was great to get Dr. Yardeni’s take and what it could mean for investors.
Fed Watching
Dr. Yardeni has a long history of watching the Fed. He even spent a year early in his career working at the Federal Reserve Bank of New York when Paul Volcker served as its president. Dr. Yardeni’s new book, Fed Watching for Fun & Profit reviews a history of the modern Fed, Fed Chairs and their policies. It was released in March, just a few weeks before the Fed announced extensive new measures to support the economy as a result of the coronavirus pandemic. This most recent episode in Fed history will undoubtedly be a fascinating new chapter in future editions, but it nonetheless provides a wonderful and easy to follow primer to put current Fed actions in perspective. Taking unprecedented actions is nothing new for the Fed, but the trick, as Yardeni writes, is to avoid letting one’s views of what the Fed should do from derailing focus on what they were most likely to do.
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