Short, thoughtful and regular takes on recent events in the markets from a variety of perspectives and voices within Morgan Stanley.
This podcast discusses the outlook for U.S. trade policy, focusing on the upcoming expiration of a 90-day pause on reciprocal tariffs. Two speakers, Michael Zezas and Ariana Salvatore, analyze the potential scenarios: a continuation of the pause with possible exceptions, a more aggressive reimposition of tariffs with ...
Ron Kamdem, head of Morgan Stanley's U.S. Real Estate Investment Trust and Commercial Real Estate Research, discusses the disruptive impact of Generative AI on the real estate industry. He highlights the potential for significant automation of tasks across various occupations within REITs and CRE services, leading to ...
Jim Egan and Jay Bacow, co-heads of Securitized Products Research at Morgan Stanley, discuss the cooling housing market. Despite record-high home prices, the pace of growth is slowing due to increasing supply and stalled demand. While the spring selling season typically sees increased supply, the year-over-year growt...
Andrew Sheets, head of corporate credit research at Morgan Stanley, discusses the limited market impact of recent geopolitical events, specifically focusing on the conflict between the U.S., Iran, and Israel. He argues that while such events are serious, their effect on markets is often short-lived unless accompanied ...
Matthew Hornbach, Global Head of MacroStrategy, interviews Michael Gapen, Morgan Stanley's Chief U.S. Economist, on the June Federal Open Market Committee meeting. The discussion centers on the Fed's decision to hold interest rates steady, Gapen's prediction of future rate cuts (differing from the Fed's projections),...
Rahul Anand, head of Morgan Stanley's Australia Materials Research Team, discusses the critical role of critical minerals (rare earths, lithium, graphite, copper, nickel, and cobalt) in the burgeoning humanoid robotics market. He highlights China's dominance in the supply of these minerals, emphasizing the need for We...
Jonathan Garner, Morgan Stanley's Chief Asia Equity Strategist, presents a bullish outlook on India's long-term equity story. He cites India's superior economic and earnings growth, low exposure to trade tariffs, and strong domestic investor base as key reasons for this positive perspective. Garner highlights India's...
Mike Wilson, Morgan Stanley's CIO and Chief U.S. Equity Strategist, discusses the implications of a U.S. attack on Iranian nuclear facilities for U.S. equities. He argues that this event, along with other previously negative factors like immigration enforcement and tariffs, has likely peaked in its negative impact. W...
Andrew Sheets, Head of Corporate Credit Research at Morgan Stanley, interviews Kelvin Pang, Head of Asia Credit Strategy, about the state of Asian credit markets. Despite slower economic growth in Asia due to tariff uncertainty, credit spreads remain historically low due to negative net supply and relatively muted dem...
Martijn Rats, Morgan Stanley's Global Commodity Strategist, discusses oil price dynamics in relation to escalating tensions between Israel and Iran. He explains how the recent shift in the Brent forward curve, from a smile shape indicating near-term tightness and later surplus, to a downward-sloping curve reflecting a...
Robert Feldman, Senior Advisor at Morgan Stanley MUFG Securities in Tokyo, discusses Japan's significant role in global AI development. He highlights Japan's unique approach, emphasizing the symbiotic co-evolution of hardware, software, data, and ethics in AI advancement. Feldman uses the example of a Japanese retail...
Mike Wilson, Morgan Stanley's CIO and Chief U.S. Equity Strategist, presents a positive outlook on large-cap U.S. equities, citing several key indicators: high single-digit earnings per share growth, improving earnings revision breadth, a secondary model forecasting mid-teens EPS growth by the first half of 2026 due to...
In this episode of "Thoughts on the Market," Michael Gapen and Sam Coffin discuss the economic consequences of the administration's shift in immigration policies, focusing on the U.S. labor market and implications for Federal Reserve policy. They analyze recent data on border encounters and interior removals, noting a ...
Andrew Sheets, Head of Corporate Credit Research at Morgan Stanley, interviews Aron Becker, Head of European Credit Strategy, about the European credit outlook. The discussion centers on the slowing economic growth in Europe and the U.S., its impact on European companies (given their significant U.S. revenue exposure)...
Michael Zezas, Global Head of Fixed Income Research and Public Policy Strategy, discusses Section 899, a provision in U.S. tax legislation that could significantly impact investors. This provision grants the U.S. Treasury the power to impose taxes on foreign companies if it deems other countries' taxation of U.S. busi...
Shawn Kim, head of Morgan Stanley's Asia Technology team, discusses China's strategic approach to establishing its domestic AI capabilities. Despite US semiconductor restrictions, China has focused on efficient AI market deployment, evidenced by initiatives like the DeepSeek R1 launch and numerous AI startups utilizin...
This podcast episode previews Morgan Stanley's upcoming U.S. Financials Conference. Betsy Graseck, along with colleagues Manan Gosalia and Ryan Kenny, discuss key themes expected to be addressed, focusing on mid-cap banks and advisors. Discussions include loan growth, net interest margins, capital levels, M&A activit...
Serena Tang, Morgan Stanley's Chief Cross Asset Strategist, and Vishy Tirupattur, Morgan Stanley's Chief Fixed Income Strategist, discuss the pushback they've received on Morgan Stanley Research's midyear outlook. The outlook recommends being overweight in U.S. equities and core fixed income, despite a prediction of s...
Terrence Flynn, a Morgan Stanley analyst, discusses the burgeoning market for obesity medications, specifically GLP-1 medicines. He projects the global market to reach $150 billion by 2035, driven by increased production, broader clinical applications (treating conditions beyond obesity), expanding healthcare coverage...
Andrew Sheets, Head of Corporate Credit Research at Morgan Stanley, interviews Vishwas Patkar, Head of U.S. Credit Strategy at Morgan Stanley, about their 12-month outlook for credit markets. Patkar describes their central scenario as slowing growth, firm inflation, and no Fed rate cuts until Q1 2026, resulting in a m...
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