Dr. Ed Yardeni's opening remarks to the Economic Club of New York on May 21st, 2024:

Over the past two years, most economists have predicted a US recession. Indeed, it has been the most widely anticipated recession that didn’t happen. Like Godot, it has been a no-show.

That became increasingly obvious at the start of this year. However, while most bailed on their gloomy recession forecasts, many predicted that the Federal Reserve would have to cut interest rates several times to avoid a recession if inflation continued to moderate. That prediction also looks to be wrong, and more economists are now talking about a “higher-for-longer” interest rate outlook.


READ MORE: Why economist forecasts of a US recession were so wrong