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Strategist Ed Yardeni says stocks may be in the 'mother of all melt ups' but not without risks

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Veteran strategist Edward Yardeni told CNBC on Monday that the Federal Reserve's unprecedented policy response to the coronavirus pandemic is powering stocks higher but not without risks. 

"The Fed has just poured in so much liquidity into the market that there's a potential for something that might look like 1999 all over again," the Yardeni Research president said on "Squawk on the Street," a reference to the soaring equity valuations that preceded the 2000 dot-com bubble burst. 

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