Yardeni cited rising bond yields and increased downturn risks over the next 3–6 months as reasons for the cut. He also lowered his expected forward P/E multiple to 18.6 from 19.8. Despite the near-term caution, Yardeni still projects the S&P 500 to reach 10,000 by 2030, but warns that higher inflation and slower growth could pressure stocks in the short term.