Market veteran Ed Yardeni believes the S & P 500 can still earn a double-digit gain this year despite the banking crisis as well as fears of a hard landing. “This banking crisis is going to be very well contained by both the Fed and the FDIC. And at the same time, I think it’s going to keep the Fed from raising interest rates even further,” Yardeni said on CNBC’s ” Closing Bell ” Wednesday. The Federal Reserve last week took the benchmark fed funds rate a quarter percentage point higher to a range between 4.75%-5% , while signaling one more rate hike coming this year. Yardeni said he doesn’t think the Fed will cut rates this year. “I think they are currently now in a restrictive enough level where they don’t have to keep raising interest rates,” he said. .SPX 1Y mountain S & P 500 The president of Yardeni Research set his S & P 500 year-end target at 4,600, which would translate into a roughly 20% gain for the year and a 14% rally from Wednesday’s close of 4,027.81. He said the economy has been a “rolling recession” since the beginning of 2022, where downturn hit different sectors at different times without adding up to cause severe damage to the broader economy. “We’ve already seen a lot of bubbles burst without taking the economy down,” he said.