Episode Details

What happens when politics collides head-on with monetary policy? On this episode of In the Money with Amber Kanwar, Amber sits down with legendary Fed watcher Ed Yardeni, President of Yardeni Research, to unpack what he calls an unprecedented threat to the independence of the U.S. Federal Reserve — and why the market may be more resilient than the headlines suggest.

Yardeni, who once worked at the Fed and has spent more than four decades studying markets, explains why political pressure on Chair Jerome Powell could actually strengthen the Fed’s independence, not weaken it. He also lays out his core investing principle: never let politics drive portfolio decisions. Instead, earnings remain the true north star — and in Yardeni’s view, earnings continue to surprise to the upside.

Amber and Yardeni dig into his “Roaring 2020s” thesis, why he believes the U.S. economy can avoid recession, and how demographics, productivity gains, and resilient consumers are underpinning record-high profits. They also explore why geopolitical shocks often create buying opportunities — and why fears of an imminent collapse have repeatedly kept investors on the sidelines at the worst possible times.

The conversation then turns to where Yardeni is repositioning capital as market leadership broadens beyond mega-cap tech — including why he thinks the Magnificent Seven face rising competition in the AI arms race, even as the broader market benefits.

In Pro Picks, Ed Yardeni shares his highest-conviction ideas for the year ahead. He explains why he is market-weight technology but underweight the Magnificent Seven, arguing that intensifying AI competition and massive capital spending could pressure returns. Instead, he’s overweight industrials, which stand to benefit from onshoring and infrastructure investment, overweight healthcare, where an emerging M&A cycle and biotech innovation could unlock value, and overweight precious metals, with gold and the broader complex supported by central-bank buying, global uncertainty, and powerful technical momentum.

To learn more about Yardeni’s framework and ongoing market insights, check out https://yardeniquicktakes.com, his near-daily research service for individual investors.

Timestamps
00:00 Show intro 

05:40 Powell is justified in responding to Trump’s barrage of attacks 

07:00 This could end up making the Fed MORE independent 
09:15 This is perverse, unusual and unsettling 

10:15 Never let politics interfere in your investment decisions

13:30 It’s all about earnings, but is this time different? 
17:00 Geopolitical crises are great buying opportunities 
19:00 Yardeni’s roaring ‘20s thesis explained, the Gen shaped economy 
24:00 The bears will keep you out of the market and that’s a mistake 
26:30 The U.S. market relative to the rest of the world 
30:00 Ed’s Pro Picks (underweight Mag 7, overweight materials & precious metals, overweight industrials, overweight healthcare)

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picks is brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

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The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the