Financial Stability Gives Fed Only One More Hike: Ed Yardeni

The transcript discusses the Federal Reserve's current challenges, using an opera metaphor to describe its situation between aggressive monetary policies and financial stability concerns. It highlights the importance of financial stability as a Fed mandate and critiques the focus on the Fed funds rate amidst other restrictive monetary developments. The global impact of US monetary policy, particularly on emerging markets, is examined. The discussion also covers the US stock market's resilience, potential earnings recession, and the role of bond vigilantes in influencing central bank actions.

What does the speaker mean by 'growth recession'?

What implications does the speaker suggest regarding the actions of central banks and bond vigilantes?