The Fed should just 'chill' on interest rates because inflation is cooling 'at a pretty good speed', says market veteran Ed Yardeni

• The Fed needs to "chill" on the idea that the US economy needs a tighter monetary policy, according to Ed Yardeni. 
• "What we want to do is bring inflation down, we don't really need a recession to do that," he said. 
• On stocks, Yardeni said the rally in US equities is likely to stall out ahead of January's inflation reading. 

The Federal Reserve needs to relax, according to market veteran Ed Yardeni.