San Francisco Fed president Mary Daly has said the Federal Reserve is likely to keep on its path of rate cuts. However, Yardeni Research President Ed Yardeni argues it would be the wrong move. He joins Market Domination Overtime to lay out his case.

"I think the consensus is that at the November meeting, that they will cut by 25 basis points and that they might follow up again in December with 25 basis points. I'm in the none and done camp," Yardeni tells Yahoo Finance. He argues that the economic data will continue to come in better than expected.

He explains, "I think that when we look through some of these inflation indicators, we'll conclude that, yes, indeed, we've made a tremendous amount of progress and we're heading in the right direction. But if the Fed eases too much, then the decline in inflation might actually stall somewhere north of 2%. In other words, mission hasn't really been accomplished just yet, and I think the 50-basis-point cut was premature."

Yardeni adds that the Fed is already ahead of the curve, and thus does not have to cut any further this year. He notes that when they initiated a 50-basis-point cut in September, the probability of a melt-up increased from 20% to 30%.

"I think that if they continue to move here over the rest of the year, I think we'll be continuing to talk about a melt-up," he adds.

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This post was written by Melanie Riehl