Eric Wallerstein is the chief markets strategist at Yardeni Research, Inc. Alongside Dr. Ed Yardeni, Eric advises institutional investors on asset allocation and investment strategy derived from macroeconomic forecasts. Before joining Yardeni Research, he was a markets reporter at The Wall Street Journal in New York where he covered global macro, bonds, portfolio allocation, and derivative-based investment strategies. During his time at the Journal, Mr. Wallerstein was the first to detail Signature Bank's struggles months before it collapsed, he critiqued the Treasury Department's debt management and fiscal policy, and he opined on the outlook for the 60/40 portfolio in a higher-for-longer regime. Prior to the WSJ, Eric traded on the Federal Reserve Bank of New York's repo desk. He analyzed short-term funding markets and engaged in open market operations during the Covid-19 pandemic.
Eric Wallerstein will discuss the similarities and differences between the current decade and previous ones. He will explain why he assigns a 55% probability to a productivity-led boom like the 1920s, 20% to a scenario similar to the Great Inflation of the 1970s (including a possible debt crisis), and 25% to a meltup like the one experienced during the late 1990s. He will also discuss why economists have been too pessimistic about the US economic outlook and not pessimistic enough about China’s economy. He will explain why he remains bullish with his S&P 500 targets of 7000 in 2025, 8,000 in 2026, and 10,000 in 2029. Along the way, Eric will balance his optimistic outlook with a discussion of widespread concerns about US government deficits and the unsettling geopolitical environment.