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Veteran bull Ed Yardeni tells us why the US economy won't recover before the second half of 2022

Veteran bull Ed Yardeni tells us why the US economy won't recover before the second half of 2022
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Long-time bull Ed Yardeni doesn't think the US economy will recover to pre-pandemic levels before the second half of 2022.




He thinks US GDP adjusted for inflation will rise by 15% in Q3 2020, but only by 5% in Q4.




He told Business Insider: "I don't really see the economy returning back to its level at the end of 2019 until maybe the second half of 2022."




While he thinks the S&P 500 could hit 3,500 by year-end, he believes a 15-20% correction lower could happen if stocks continue to rattle higher.




Yardeni is less bullish, having predicted a V-shaped recovery and a "melt-up" in stocks as recently as last month.




Visit Business Insider's homepage for more stories.



Long-time bull Ed Yardeni, who predicted a V-shaped recovery for the US economy as recently as last month, has a very different message now. The world's largest economy won't see growth return to its pre-pandemic levels until the second half of 2022.
The renowned strategist and president of Yardeni Research told Business Insider: "We're expecting that real GDP in the third quarter will be up something like 15% and then maybe 5% in the fourth quarter."
Yardeni, who is credited with coining the phrase "bond vigilantes" back in the 1980's, said he didn't see the economy returning back to where it was in late 2019 until "maybe the second half of 2022." He added: "It's going to be a long, long haul to get back to normal."
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