Stocks may have erased their post-Brexit losses, but one market watcher says there's more for investors to be worried about.
"The world just has too much debt, it's got aging demographics and it's got a lot of technology that aims to replace workers," warned Ed Yardeni on CNBC's "Futures Now" on Thursday. "Put it all together and you don't have much inflation and you don't have much growth."
From here, Yardeni envisions a global market where individuals may struggle to find safe havens for their money.
"Plenty of people are working and are hard-pressed to find a place to invest," said Yardeni. "They're all getting stretch marks from stretching for yield."
Indeed, the hunt for global yield remains fairly dire. Japan's entire yield curve is negative with the exception of the 30-year, which stands at about 0.045 percent. In Germany, the 10-year bund hit a new record low of -0.204 percent on Wednesday.
Amid the negativity, Yardeni is concerned that the Fed will continually be impacted by the weakness of global markets.
"In the past, the Fed rarely paid much attention to what was going on around the world," explained Yardeni. "They can't do that anymore."
Yardeni said that, prior to Brexit, Yellen's approach has been dovishly flawed and he expressed frustration over the notion that she can now reference the U.K. referendum when delaying a change in Fed policy. Currently, Fed futures indicate that the odds of a December rate hike are just above 16 percent.