The Fed is done cutting interest rates for the rest of the year, according to Ed Yardeni.
Fears of a recession have been almost completely eliminated, the market vet said in a note.
The no-show Fed-triggered recession will remain a no-show, especially now that the Fed has started to lower the FFR even though it isn't warranted by the performance of the economy," Yardeni wrote.
I think it broadens out from the Magnificent Seven to the S&P 493," Yardeni added, speaking to Bloomberg on Monday.
"We're going to have another quarter where I think earnings will go to a record-high in the third quarter."
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