Most long-term bull Ed Yardeni predicts that the S&P 500 will reach 5400 points by the end of next year, refuting five major bearish arguments one by one. According to Yardeni, the leading economic indicators show a decline, but this is mainly due to a downturn in the goods-producing sector. He also points out that the inverted yield curve does not accurately predict recessions, as demonstrated by the quick response of the Federal Reserve during the recent banking crisis.

Moreover, the M2 money supply has not significantly decreased, and there is still excess savings among consumers. Lastly, while monetary policy is restrictive, the implementation of substantial fiscal stimulus has prevented another recession. Title: Bullish Forecasts for S&P 500 at 5400 Points by Year-End Persevere Despite Bearish Outlooks.