Episodes
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Big Political Shift, Narrow Economic Impact
What do the midterm elections mean for the U.S. economic outlook? Arunima Sinha, from our U.S. and Global Economics teams, examines the potential implications for policy, legislation and the broader economic landscape. Read more insights from Morgan Stanley. ----- Transcript ----- Arunima Sinha:...
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A Stock Market Bottom in Sight
Our CIO and Chief U.S. Equity Strategist Mike Wilson examines signs that the current market correction could be nearing an end. Read more insights from Morgan Stanley. ----- Transcript ----- Welcome to Thoughts on the Market. I'm Mike Wilson, Morgan Stanley’s CIO and Chief U.S. Equity Strategist....
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Why the Bond Market Remains Calm After the Blue Wave
For investors, the U.S. election was only one part of a much bigger equation. Our Global Head of Fixed Income Andrew Sheets discusses the balance of risks after the midterm results. Read more insights from Morgan Stanley. ----- Transcript ----- Andrew Sheets: Welcome to Thoughts on the Market.…
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A Credit Perspective on the AI Buildout
The AI investment boom is reshaping capital markets, creating opportunities and raising questions about leverage and risk. Vishy Tirupattur and Dan Toscano discuss what this means for the credit cycle and the broader financial system. Read more insights from Morgan Stanley. ----- Transcript -----...
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Midterm Election Results: Three Key Takeaways
Democrats delivered a stronger-than-expected performance in the midterms. Our Head of Public Policy Research Ariana Salvatore examines what the results could mean for Washington’s policy priorities, the balance of political power and the investment landscape. Read more insights from Morgan…
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Solving AI’s Power Bottleneck
Our analysts Andrew Percoco and David Arcaro break down how AI’s surging energy demand could reshape the way we produce, store and use power. Read more insights from Morgan Stanley. ----- Transcript ----- Andrew Percoco: Welcome to Thoughts on the Market. I'm Andrew Percoco, Morgan Stanley's U.S....
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Will AI Start Making Your Hotel Reservations?
Stephen Grambling explains how changes in booking habits could redirect billions in travel industry spending. Read more insights from Morgan Stanley. ----- Transcript ----- Welcome to Thoughts on the Market. I’m Stephen Grambling, Morgan Stanley’s U.S. Gaming, Lodging, and Leisure analyst. Today:...
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The Curious Calm of Credit Markets
It appears that credit investors have gotten most of what they’ve wished for over the last decade. Our Global Head of Fixed Income Research Andrew Sheets considers whether there could be unintended consequences. Read more insights from Morgan Stanley. ----- Transcript ----- Andrew Sheets: Welcome...
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How Digital Assets Are Rewiring Financial Markets
Our Head of Digital Asset Strategy Amy Oldenburg joins Global Digital Asset Strategist Felix Stratmann discuss how tokenization, regulation, and the convergence of traditional and digital finance could reshape global markets. Read more insights from Morgan Stanley. ----- Transcript ----- Felix...
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Signals to Watch in the U.S. Midterms
With Election Day a week away, our Head of U.S. Public Policy Research Ariana Salvatore and Wealth Management's Monica Guerra explain why the aftermath of the midterms may matter more to markets than who wins. Read more insights from Morgan Stanley. ----- Transcript ----- Ariana Salvatore…
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To Hike or Not to Hike
Our Global Head of Macro Strategy Matthew Hornbach and Chief U.S. Economist Michael Gapen look at what could speed up tightening, what’s next for Treasury yields, and how the Fed can skip a hike now while signaling that more are coming. Read more insights from Morgan Stanley. ----- Transcript…
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The Next Stage of the Market Correction
Is the end of the correction in sight? Our CIO and Chief U.S. Equity Strategist Mike Wilson looks at what could bring this pullback to an end. Read more insights from Morgan Stanley. ----- Transcript ----- Welcome to Thoughts on the Market. I'm Mike Wilson, Morgan Stanley’s CIO and Chief U.S....
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One Global Shock, Different Rate Paths
The energy shock is global, but the policy response isn’t uniform. In the second of our two-part roundtable, our economists unpack the forces shaping interest rates across the U.S., Europe and Asia. Read more insights from Morgan Stanley. ----- Transcript ----- Seth Carpenter: Welcome to Thoughts...
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Economic Roundtable: What’s Keeping Global Growth Going?
In the first of a two-part discussion, our roundtable explores how AI investment, trade and consumer spending are sustaining global growth, and what could put that resilience at risk. Read more insights from Morgan Stanley. ----- Transcript ----- Seth Carpenter: Welcome to Thoughts on the Market....
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Inside the Biggest Bond Boom in Years
Can markets absorb this much new debt? Our panel examines strong demand for investment-grade bonds, stress in high-yield debt and the macro risks that could shape the next six to twelve months in credit markets. Read more insights from Morgan Stanley. ----- Transcript ----- Andrew Sheets: Welcome...
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AI’s Next Winners: Signals From Private Markets
With AI startups scaling at record speed, our analysts Sabrina Hao, Adam Wood and Brian Nowak share takeaways from Morgan Stanley's Spark Conference on AI returns, competitive moats and implications for public markets. Read more insights from Morgan Stanley. ----- Transcript ----- Sabrina Hao:...
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A Narrower Path for Growth and Stability
Higher rates can take time to filter through the economy, making their full impact difficult to judge. Arunima Sinha from our U.S. and Global Economics teams considers where the pressure may emerge next and how policymakers could navigate the competing risks. Read more insights from Morgan…
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AI Boom Faces a Higher-Yield Roadblock
Our ABS Strategist Carolyn Campbell explains how rising borrowing costs are slowing the AI data center boom and what could drive a rebound in financing. Read more insights from Morgan Stanley. ----- Transcript ----- Carolyn Campbell: Welcome to Thoughts on the Market. I'm Carolyn Campbell, Morgan...
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The Missing Piece in Latin America’s Bull Case
Our Chief Latin America Equity Strategist Nikolaj Lippmann explains why Brazil’s election, the cost of capital, AI investment and geopolitics could help unlock a new era of growth across Latin America. Read more insights from Morgan Stanley. ----- Transcript ----- Welcome to Thoughts on the…
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What to Expect From the UK Budget
The UK budget arrives later this month amid competing predictions about growth, inflation and public finances. Andrew Sheets and Bruna Skarica examine how the country’s economy defies expectations. Read more insights from Morgan Stanley. ----- Transcript ----- Andrew Sheets: Welcome to Thoughts…
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Asia Fixed Income Needs a Bigger Map
Our Head of Asia Credit Strategy Kelvin Pang explains why investors would benefit from a broader fixed income market in Asia, with opportunities across more countries, local-currency credit and dollar-denominated bonds. Read more insights from Morgan Stanley. ----- Transcript ----- Welcome to...
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The Politics of Powering AI
Energy costs are a key election issue and AI data centers are adding to the debate. Our Head of Public Policy Research Ariana Salvatore looks at policy discussions in Washington that could determine how the U.S. powers its next technological boom. Read more insights from Morgan Stanley. -----...
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Will High Yields Crack the Market’s Resilience?
Markets have remained resilient despite the prospect of higher-for-longer rates. Our Global Head of Fixed Income Research Andrew Sheets considers the risks building beneath the surface. Read more insights from Morgan Stanley. ----- Transcript ----- Andrew Sheets: Welcome to Thoughts on the…
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High Mortgage Rates and a Stuck Housing Market
U.S. mortgage rates are hovering around their highest levels in three years. Morgan Stanley Co-Heads of Securitized Products Research Jay Bacow and James Egan examine the forces keeping homeowners locked in and buyers priced out of the housing market. Read more insights from Morgan Stanley. -----...
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Will Midterms Test the AI Investment Cycle?
The AI investment boom has been a defining force in markets. Our Head of Public Policy Research Ariana Salvatore looks at whether the U.S. midterm elections could change the spending and policies behind it. Read more insights from Morgan Stanley. ----- Transcript ----- Ariana Salvatore: Welcome…
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Japan’s Banks Enter a New Era of Opportunity
Our Japan Financials Analyst Mia Nagasaka explains why a once-in-30-year investment cycle could transform corporate financing and open a new chapter for Japanese banks. Read more insights from Morgan Stanley. ----- Transcript ----- Welcome to Thoughts on the Market. I’m Mia Nagasaka, Head of…
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Canada’s Next Growth Phase
Recent headlines about Canada have focused on trade uncertainty and weak productivity. But our Global Economist Arunima Sinha explains why the country may be on the cusp of a stronger, investment-led growth cycle. Read more insights from Morgan Stanley. ----- Transcript ----- Arunima Sinha…
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The Tension Between Equities and Bonds
Our Global Head of Fixed Income Research Andrew Sheets examines what rising rates could mean for equity valuations, earnings and investor appetite. Read more insights from Morgan Stanley. ----- Transcript ----- Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Global Head of...
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How AI and Tokenization Could Reshape Wealth Management
Betsy Graseck and Michael Cyprys explore how AI could expand advisor capacity and tokenized assets could grow into a $2.3 trillion market by 2030. Read more insights from Morgan Stanley. ----- Transcript ----- Betsy Graseck: Welcome to Thoughts on the Market. I'm Betsy Graseck, Morgan Stanley's...
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4 Market Signals Ahead of the Midterms
As investors look toward the U.S. midterm elections, the biggest question is what could change. Our Head of U.S. Public Policy Research Ariana Salvatore outlines the signals worth watching. Read more insights from Morgan Stanley. ----- Transcript ----- Ariana Salvatore: Welcome to Thoughts on the...
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China’s $12 Trillion Manufacturing Upgrade
Our China Industrials Analyst Sheng Zhong explains how AI, robotics and a major investment cycle could transform China’s manufacturing base and its role in global supply chains. Read more insights from Morgan Stanley. ----- Transcript ----- Sheng Zhong: Welcome to Thoughts on the Market. I’m…
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The Stock Market’s Bad Breadth
Fewer companies have been driving equity market gains in 2026. Our CIO and Chief U.S. Equity Strategist Mike Wilson looks at what investors should make of the narrowing rally as the year enters its final stretch. Read more insights from Morgan Stanley. ----- Transcript ----- Mike Wilson: Welcome…
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AI Meets the Physical Economy
Morgan Stanley Research analysts Michelle Weaver, Ravi Shanker and Dave Arcaro discuss two industrial inflection points: how long it will be before autonomous trucking becomes a reality and why power infrastructure is racing to keep up with AI-driven demand. Read more insights from Morgan…
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The Global Diesel Problem
Diesel is at the center of an international supply squeeze, with prices rising to historic highs. Andrew Sheets and Martijn Rats unpack why this industrial fuel matters far beyond the pump. Read more insights from Morgan Stanley. ----- Transcript ----- Andrew Sheets: Welcome to Thoughts on the...
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The Unexpected Investment Case for AI Safety
Tighter AI safety requirements could reshape the pace of AI investment. Ariana Salvatore and Michael Zezas dig into why the spending may shift toward more compute, not less. Read more insights from Morgan Stanley. ----- Transcript ----- Ariana Salvatore: Welcome to Thoughts on the Market. I'm...
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Why Central Banks Are Raising Rates Again
Central banks are turning more hawkish as inflation risks increase. Our Global Chief Economist and Head of Macro Research Seth Carpenter explains what that means for the Fed, ECB and Bank of Japan. Read more insights from Morgan Stanley. ----- Transcript ----- Seth Carpenter: Welcome to Thoughts…
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Market Resilience Isn’t Complacency
Our CIO and Chief U.S. Equity Strategist Mike Wilson discusses why quality stocks, strong earnings and price momentum support his view that the bull market remains intact. Read more insights from Morgan Stanley. ----- Transcript ----- Welcome to Thoughts on the Market. I'm Mike Wilson, Morgan...
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Trump-Xi Talks Put Trade and Tech in Focus
As President Xi heads to Washington, trade, rare earths and AI are set to dominate the agenda. Our Head of U.S. Public Policy Research Ariana Salvatore unpacks what the meeting could mean for supply chains, tech stocks and the broader market. Read more insights from Morgan Stanley.…
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Why the Fed May Have Further to Go
After raising interest rates for the first time in more than three years, the Fed still doesn’t see policy as restrictive. Our Global Head of Fixed Income Research Andrew Sheets breaks down what that could mean for the monetary policy path. Read more insights from Morgan Stanley. ----- Transcript...
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One Fed Hike—Or More to Come?
Our Global Head of Macro Strategy Matthew Hornbach joins our Chief U.S. Economist Michael Gapen to discuss the Fed’s potential next moves and how energy prices are influencing market expectations. Read more insights from Morgan Stanley. ----- Transcript ----- Matthew Hornbach: Welcome to Thoughts...
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The Mid-Cycle Shift Equity Investors Shouldn’t Miss
Our CIO and Chief U.S. Equity Strategist Mike Wilson breaks down how the market is transitioning to a mid-cycle environment, with leadership shifting toward higher-quality, asset-light companies with durable earnings. Read more insights from Morgan Stanley. ----- Transcript ----- Mike Wilson:...
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Patients Are Taking the Driver's Seat in Healthcare
Healthcare companies are rethinking their business models as patients gain more control over how they access care and purchase medicine. Our analysts Erin Wright and Terence Flynn unpack this shift and the emerging opportunities. Read more insights from Morgan Stanley. ----- Transcript ----- Erin...
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Why the Middle-Class Squeeze Is Getting Worse
Heather Berger of the U.S. Economics Team hosts Wealth Management Senior Economist and Strategist Sarah Wolfe to discuss what it takes to define the middle class in America today. They break down how factors like rising essential costs and the development of AI are reshaping consumer balance…
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The Fed, Football and the Price of Ambiguity
Our Global Head of Fixed Income Research Andrew Sheets discusses when markets may not adequately compensate investors for uncertainty around themes like Fed policy, AI financing and energy supply. Read more insights from Morgan Stanley. ----- Transcript ----- Andrew Sheets: Welcome to Thoughts on...
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Can the AI Spending Boom Pay Off?
Big Tech is pouring more than $1.4 trillion into AI, prompting investors to ask: Is it worth it? Our U.S. Internet analyst Brian Nowak looks at three business models that could earn 25 to 50 percent returns for Gen-AI-enabled technologies. Read more insights from Morgan Stanley. ----- Transcript...
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AI Debt Starts Moving the U.S. Treasurys Market
U.S. Treasurys are the foundation of the bond market. But our strategists Matthew Hornbach and Vishy Tirupattur explain the growing impact of corporate credit as AI financing accelerates. Read more insights from Morgan Stanley. ----- Transcript ----- Matthew Hornbach: Welcome to Thoughts on the...
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What Could Shake Up Markets in September?
Investors have plenty to digest this month, from economic data to central-bank decisions. Our Global Head of Fixed Income Research Andrew Sheets outlines what could drive the next bout of volatility. Read more insights from Morgan Stanley. ----- Transcript ----- Andrew Sheets: Welcome to Thoughts...
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Why Oil Prices Could Rise to $100 Again
Our Global Commodities Strategist Martijn Rats explains how tightening supply and shrinking buffers are pushing Brent prices up again, and what that would mean for fuel costs and energy markets. Read more insights from Morgan Stanley. ----- Transcript ----- Martijn Rats: Welcome to Thoughts on…
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3 Policy Catalysts to Watch This Fall
Midterm elections, backlash against data centers and a U.S.-China summit. Michael Zezas and Ariana Salvatore discuss themes that could test investor confidence in the coming months. Read more insights from Morgan Stanley. ----- Transcript ----- Michael Zezas: Welcome to Thoughts on the Market.…
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The $33 Billion AI Security Opportunity
As AI agents gain access to sensitive enterprise systems, companies need new ways to control what they can do. Meta Marshall breaks down the emerging market for agentic identity security. Read more insights from Morgan Stanley. ----- Transcript ----- Meta Marshall: Welcome to Thoughts on the...