EconomyEd Yardeni Says Rates Are Back to Normal

Yields in the US and other advanced economies have reached multidecade highs, tightening financial conditions amid higher inflation and budget-shortfall concerns. Traders have pared rate-hike expectations; swaps across eight major economies price in almost 200 basis points less since mid-September, Bloomberg data show. Yardeni discusses his S&P call and its rationale.