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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DISCLAIMERS
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 host and guests
are their own and do not necessarily reflect the opinions of any
organization or company. The host and guests may maintain
positions in any securities discussed on the podcast. Always
consult with a qualified financial advisor or professional before
making any investment decisions.
In the Money delivers expert stock picks, actionable ideas, and
timely money management tips. Hosted by business journalist Amber
Kanwar, each episode features interviews with top portfolio
managers who suggest ways to achieve good returns. Covering
everything from ETFs and Canadian stocks to global investing
trends, dividend strategies, and risk management, this show is
made for DIY investors, stock market enthusiasts, and anyone
looking to sharpen their financial strategy.
Contact: questions@inthemoneypod.com
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