Thoughts on the Market
Short, thoughtful and regular takes on recent events in the markets from a variety of perspectives and voices within Morgan Stanley.
An Unprecedented Wave of Inheritances Is Coming
Our U.S. Thematic and Equity Strategist Michelle Weaver discusses how the largest intergenerational wealth transfer in history could reshape saving, spending and investment behavior across America.
Read more insights from Morgan Stanley.
----- Transcript -----
Michelle Weaver: Welcome to Thoughts on the Market. I'm Michelle Weaver, Morgan Stanley's U.S. Thematic and Equity Strategist.
Today, a powerful force reshaping the financial lives of millions of Americans: inheritance.
It's Friday, October 10th at 10am in New York.
Americans are living longer and they're...
Lessons From a Bond Issued 90 Years Ago
Diving into the history of Morgan Stanley’s first bond deal, our Head of Corporate Credit Research Andrew Sheets explains the value of high-quality corporate bonds.
Read more insights from Morgan Stanley.
----- Transcript -----
Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Head of Corporate Credit Research at Morgan Stanley.
Today, a look at the first bond that Morgan Stanley helped issue 90 years ago and what it might tell us about market uncertainty.
It's Thursday, October 9th at 4pm in London.
When Will the Shutdown Affect Markets?
An extended U.S. government shutdown raises the risk for weaker growth potential. Our Global Head of Fixed Income Research and Public Policy Strategy Michael Zezas suggests key checkpoints that investors should keep in mind.
Read more insights from Morgan Stanley.
----- Transcript -----
Welcome to Thoughts on the Market. I'm Michael Zezas, Global Head of Fixed Income Research and Public Policy Strategy.
Today: Three checkpoints we’re watching for as the U.S. government shutdown continues.
It’s Wednesday, October 8th at 10:30am in New Yor...
Get Ready for a Steeper Yield Curve
Our Fixed Income Strategist Vishy Tirupattur explains how changes in the yield curve are affecting markets such as insurance, Treasury yields and mortgage rates.
Read more insights from Morgan Stanley.
----- Transcript -----
Vishy Tirupattur: Welcome to Thoughts on the Market. I am Vishy Tirupattur, Morgan Stanley’s Chief Fixed Income Strategist.
Today – How the shape of the yield curve has affected credit and housing markets, and the risk of changes to the curve and its implications.
It’s Tuesday, October 7th at 1pm in New Yor...
How Asia Is Reinventing Itself for Global Competition
Our strategists Daniel Blake and Tim Chan discuss how Asia is adapting to multipolar world dynamics, tech innovation and longevity trends to create new opportunities for global investors.
Read more insights from Morgan Stanley.
----- Transcript -----
Daniel Blake: Welcome to Thoughts on the Market. I'm Daniel Blake, Morgan Stanley's Asia Equity and Thematic Strategist.
Tim Chan: And I'm Tim Chan, Morgan Stanley Head of Asia Sustainability Research and Thematic Strategist
Daniel Blake: Today, how Asia is reshaping its development strategy, corporate governance, and capital ma...
Introducing: What Should I Do With My Money: Season 3
Have you ever wondered -- How much do I really need to retire early and am I on track? How do I balance all of my financial goals? How can I help my children be financially secure? Tune into Season 3 of What Should I Do With My Money, hosted by Morgan Stanley Wealth Management’s Jamie Roô to hear real-life stories about these and other big financial questions.
China’s Biotech Revolution
Our China Healthcare Analyst Jack Lin discusses how China’s biotech surge is reshaping healthcare, investment and innovation worldwide.
Read more insights from Morgan Stanley.
----- Transcript -----
Jack Lin: Welcome to Thoughts on the Market. I'm Jack Lin, from Morgan Stanley's China Healthcare Team.
Today, the boom in China biotech – and how it's not just a headline for China-focused investors, but a story that touches all of us.
It is Friday, October 3rd at 2pm in Hong Kong.
Many people might not r...
Opportunities From China’s Policy Shifts
Our Chief China Equity Strategist Laura Wang discusses how China’s new approach to economic development is transforming domestic industries and reshaping the global investment landscape.
Read more insights from Morgan Stanley.
----- Transcript -----
Welcome to Thoughts on the Market. I’m Laura Wang, Morgan Stanley’s Chief China Equity Strategist.
Today – a consequential shift in China's economic policy is set to reshape domestic markets and send ripples across the global economy.
It’s Thursday, October 2nd at 2pm in Hong Kong...
Will U.S. Inflation Slow in 2026?
In the second of a two-part episode, Morgan Stanley’s chief economists talk about their near-term U.S. outlook based on tariffs, labor supply and the Fed’s response. They also discuss India’s path to strong economic growth.
Read more insights from Morgan Stanley.
----- Transcript -----
Seth Carpenter: Welcome to Thoughts on the Market. I'm Seth Carpenter, Morgan Stanley's Global Chief Economist. Yesterday I sat down with my colleagues, Mike Gapen, Chetan Ahya and Jens Eisenschmidt, who cover the U.S., Asia, and Europe respectively. We talked...
Tackling Economic Hurdles in Europe and Asia
Morgan Stanley’s chief economists discuss how policymakers in China, Japan and the European Union are addressing slower growth, deflation or the return of inflationary pressures.
Read more insights from Morgan Stanley.
----- Transcript -----
Seth Carpenter: Welcome to Thoughts on the Market. I'm Seth Carpenter, Morgan Stanley's Global Chief Economist.
Well, a lot has changed since the second quarter and the last time we did one of these around the world economics roundtable. After an extended pause, the United States Federal Reserve started cutting rates...
Will the Fed End the Party?
Despite large deficits, booming capital expenditures and a looser regulatory environment, the Fed appears poised to cut rates further to support the slowing labor market. This could set the stage for a level of corporate risk-taking not seen since the 1990s.
Read more insights from Morgan Stanley.
----- Transcript -----
Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Head of Corporate Credit Research at Morgan Stanley.
Today, a look at the forces that could heat up corporate activity in 2026 – if the labor market...
Investors Monitor Washington’s Ticking Budget Clock
Our Global Head of Thematic and Fixed Income Research Michael Zezas and our U.S. Public Policy Strategist Ariana Salvatore unpack the market and economic implications of a looming government shutdown.
Read more insights from Morgan Stanley.
----- Transcript -----
Michael Zezas: Welcome to Thoughts on the Market. I'm Michael Zezas, Morgan Stanley's Global Head of Fixed Income Research and Public Policy Strategy.
Ariana Salvatore: And I'm Ariana Salvatore, U.S. Public Policy Strategist.
Michael Zezas: Today, our focus is once again on Washington – as the U.S...
When Will the U.S. Housing Market Reactivate?
Our Co-Head of Securitized Products Research James Egan joins our Chief Economic Strategist Ellen Zentner to discuss the recent challenges facing the U.S. housing market, and the path forward for home buyers and investors.
Read more insights from Morgan Stanley.
----- Transcript -----
James Egan: Welcome to Thoughts on the Market. I'm James Egan, U.S. Housing Strategist and Co-Head of Securitized Products Research for Morgan Stanley.
Ellen Zentner: And I'm Ellen Zentner, Chief Economic Strategist and Global Head of Thematic and Macro Investing at Morg...
Capital Markets Pick Up as U.S. Policy Settles
Our Global Head of Fixed Income Research and Public Policy Strategy, Michael Zezas, examines growth in IPOs and M&A amid greater certainty around trade, immigration and regulation.
Read more insights from Morgan Stanley.
----- Transcript -----
Welcome to Thoughts on the Market. I'm Michael Zezas, Global Head of Fixed Income Research and Public Policy Strategy.
Today, let’s talk about how changes in U.S. policy are shaping the markets in 2025—and why we’re seeing a pickup in capital markets activity.
It’s Wedne...
A Good ‘Perfect Storm’ for India
Our Head of India Research Ridham Desai and leaders from Morgan Stanley Investment Management Arjun Saigal and Jitania Kandhari discuss how India’s promising macroeconomic trajectory and robust capital markets are attracting more interest from global investors.
Read more insights from Morgan Stanley.
----- Transcript -----
Ridham Desai: Welcome to Thoughts on the Market. I'm Ridham Desai, Morgan Stanley’s Head of India Equity Research and Chief India Equity Strategist.
Today, the once in a generation investment opportunities Morgan Stanley sees in India.
Joining me i...
Why the ‘Rolling Recovery’ Has Already Begun
Our CIO Mike Wilson joins U.S. Equity strategist Andrew Pauker to answer frequently asked questions about their latest economic outlook, including how U.S. equities are transitioning to a new bull market.
Read more insights from Morgan Stanley.
----- Transcript -----
Mike Wilson: Welcome to Thoughts on the Market. I'm Mike Wilson. Morgan Stanley’s CIO and Chief U.S. Equity Strategist.
Today we're going to try something a little different. I have my colleague, Andrew Pauker from the U.S. Equity S...
Can the Fed’s Move Boost Global Credit?
With this week’s announcement of a rate cut and further cuts in the offing, the Fed seems willing to let the U.S. economy run a little hot. Our Head of Corporate Credit Andrew Sheets explains why this could give an unexpected boost to the European bond market.
Read more insights from Morgan Stanley.
----- Transcript -----
Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Head of Corporate Credit Research at Morgan Stanley.
Today – a Fed that looks willing to let the economy run...
Weighing Fed Cut Against Jobs and Inflation Risks
On Wednesday, the Fed announced its first rate cut in nine months. While the reduction was widely expected, our Global Head of Macro Strategy Matthew Hornbach and Chief U.S. Economist Michael Gapen explain the data that markets and the Fed are watching.
Read more insights from Morgan Stanley.
----- Transcript -----
Matthew Hornbach: Welcome to Thoughts on the Market. I'm Matthew Hornbach, Global Head of Macro Strategy.
Michael Gapen: And I'm Michael Gapen, Morgan Stanley's Chief U.S. Economist.
Matthew Hornbach: Our topic toda...
Special Encore: AI Takes the Wheel
Original Release Date: August 21, 2025
From China’s rapid electric vehicle adoption to the rise of robotaxis, humanoids, and flying vehicles, our analysts Adam Jonas and Tim Hsiao discuss how AI is revolutionizing the global auto industry.
Read more insights from Morgan Stanley.
----- Transcript -----
Adam Jonas: Welcome to Thoughts on the Market. I'm Adam Jonas. I lead Morgan Stanley's Research Department's efforts on embodied AI and humanoid robots.
Tim Hsiao: And I'm Tim Hsiao, Greater China Auto Analyst.
Adam Jonas: Today – how the glob...
How U.S. Industry Is Reinventing Itself
Our strategists Michelle Weaver and Adam Jonas join analyst Christopher Snyder to discuss the most important themes that emerged from the Morgan Stanley Annual Industrials Conference in Laguna Beach.
Read more insights from Morgan Stanley.
----- Transcript -----
Michelle Weaver: Welcome to Thoughts on the Market. I'm Michelle Weaver, Morgan Stanley's U.S. Thematic Strategist.
Christopher Snyder: I'm Chris Snyder, Morgan Stanley's U.S. Multi-Industry Analyst.
Adam Jonas: And I'm Adam Jonas, Morgan Stanley's Embodied AI Strategist.
Michelle Weaver: We recently concluded Morg...
Can Fed Cuts Bring Mortgage Rates Down?
For investors looking to make sense of housing-related assets amidst changes in Fed policy stance, our co-heads of Securitized Product Research Jay Bacow and James Egan offer their perspective on mortgage rates and the market.
Read more insights from Morgan Stanley.
----- Transcript -----
James Egan: Welcome to Thoughts on the Market. I'm Jim Egan, co-head of Securitized Products Research at Morgan Stanley.
Jay Bacow: I'm Jay Bacow, the other co-head of Securitized Products Research at Morgan Stanley.
Today we're talking about the Fed, mort...
How Cybersecurity Is Reshaping Portfolios
Online crime is accelerating, making cybersecurity a fast-growing and resilient investment opportunity. Our Cybersecurity and Network and Equipment analyst Meta Marshall discusses the key trends driving this market shift.
Read more insights from Morgan Stanley.
----- Transcript -----
Welcome to Thoughts on the Market. I’m Meta Marshall, Morgan Stanley’s Cybersecurity and Network and Equipment Analyst. Today – the future of digital defense against cybercrime.
It’s Friday, September 12th, at 10am in New York.
Imagine waking up to find your bank account drained, you...
What’s Next for the India-China Trade?
Our Chief Asia Economist Chetan Ahya discusses how the evolving trade relationship between India and China could redefine global supply chains and unlock new investment opportunities.
Read more insights from Morgan Stanley.
----- Transcript -----
Welcome to Thoughts on the Market. I’m Chetan Ahya, Morgan Stanley’s Chief Asia Economist.
Today – one of the most important economic relationships of our time: India and China. And what the future may hold.
It’s Thursday, September 11th at 2 pm in Hong Kong.
Trade dynamics...
Why Gold Still Holds Glitter in Markets
Our Metals & Mining Commodity Strategist Amy Gower discusses her bullish outlook for gold and what the metal’s rally in 2025 says about inflation, central banks, and global risk.
Read more insights from Morgan Stanley.
----- Transcript -----
Welcome to Thoughts on the Market. I’m Amy Gower, Morgan Stanley’s Metals & Mining Commodity Strategist.
Today, we’re talking about gold, a metal that’s more than just a safe haven for investors, and what it tells us about the global economy and markets right now.
It’s Wed...
Can AI Make Healthcare Less Expensive?
Many Americans struggle with the rising cost of healthcare. Analysts Terence Flynn and Erin Wright explain how AI might bend the cost curve, from Morgan Stanley’s 23rd annual Global Healthcare Conference in New York.
Read more insights from Morgan Stanley.
----- Transcript -----
Terence Flynn: Welcome to Thoughts on the Market. I'm Terence Flynn, Morgan Stanley's U.S. Biopharma Analyst.
Erin Wright: And I'm Erin Wright, U.S. Healthcare Services Analyst.
Terence Flynn: Thanks for joining us. We're actually in the midst of t...
A New Bull Market Begins?
Morgan Stanley’s CIO and Chief U.S. Equity Strategist Mike Wilson discusses the outlook for U.S. stocks after Friday's nonfarm payroll data reinforced the thesis of a transition from a rolling recession to a rolling recovery.
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. Today on the podcast I’ll be discussing Friday’s Payroll report and what it means for equities.
It's Monday, Sept 8th...
Why the U.S. Dollar Still Smiles
Our G10 FX Market Strategist Andrew Watrous challenges the prevailing market view on the U.S. dollar, reaffirming the relevance of Morgan Stanley’s "dollar smile" framework.
Read more insights from Morgan Stanley.
----- Transcript -----
Welcome to Thoughts on the Market. I’m Andrew Watrous, G10 FX Strategist at Morgan Stanley. Today – a look at how the US dollar behaves under different global growth circumstances. And why – contrary to the views of some observers – we think the dollar still smiles.
It’s Friday, Septemb...
Walking a Narrow Economic Path
Our Head of Corporate Credit Research Andrew Sheets discusses the scenarios markets may face in September and for the rest of the year, as the Federal Reserve weighs interest rate cuts amidst slowing job growth and persistent inflation.
Read more insights from Morgan Stanley.
----- Transcript -----
Welcome to Thoughts on the Market. I'm Andrew Sheets, head of Corporate Credit Research at Morgan Stanley.
Today, the narrow economic path the markets face as we come back from summer.
It's Thursday, September 4th...
Why a Fed Pivot Could Trigger Volatility
Fed Chair Jay Powell’s speech at Jackson Hole underscored the central bank’s new focus on managing downside growth risks. Michael Zezas, our Global Head of Fixed Income Research and Public Policy Strategy, talks about how that shift could impact markets heading into 2026.
Read more insights from Morgan Stanley.
----- Transcript -----
Welcome to Thoughts on the Market. I'm Michael Zezas, Global Head of Fixed Income Research and Public Policy Strategy.
Today: What a subtle shift in the Fed’s reaction function could me...
Are Agency Mortgage-Backed Securities Making a Comeback?
Our Co-Heads of Securitized Products Research Jay Bacow and James Egan explain why the macro backdrop could be changing in favor of agency mortgages after the Fed’s annual meeting in Jackson Hole.
Read more insights from Morgan Stanley.
----- Transcript -----
Jay Bacow: Welcome to Thoughts on the Market. I'm Jay Bacow, Co-Head of Securitized Products Research at Morgan Stanley.
James Egan: And I'm Jim Egan, the other Co-Head of Securitized Products Research at Morgan Stanley.
Jay Bacow: Today we're here to ta...
Market Outcomes of Fed’s New Course
In the second of a two-part episode, our Chief U.S. Economist Michael Gapen and Global Head of Macro Strategy Matthew Hornbach talk about how Treasury yields and the U.S. dollar could react to the possible Fed rate path.
Read more insights from Morgan Stanley.
----- Transcript -----
Matthew Hornbach: Welcome to Thoughts on the Market. I'm Matthew Hornbach, Global Head of Macro Strategy.
Michael Gapen: And I'm Michael Gapen Morgan Stanley's Chief U.S. Economist.
Yesterday we talked about...
Breaking Down the Fed’s New Course
In the first of a two- part episode, our Chief U.S. Economist Michael Gapen and Global Head of Macro Strategy Matthew Hornbach discuss the outcome of the Jackson Hole meeting and the outlook for the U.S. economy and the Fed rate path during the rest of the year.
Read more insights from Morgan Stanley.
----- Transcript -----
Matthew Hornbach: Welcome to Thoughts on the Market. I'm Matthew Hornbach, Global Head of Macro Strategy.
Michael Gapen: And I'm Michael Gapen, Morgan Stan...
Could a Fed Rate Cut Affect Credit Quality?
Our Head of Corporate Credit Research Andrew Sheets discusses why a potential start of monetary easing by the Federal Reserve might be a cause for concern for credit markets.
Read more insights from Morgan Stanley.
----- Transcript -----
Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Head of Corporate Credit Research at Morgan Stanley. Today – could interest rate cuts by the Fed unleash more corporate aggressiveness?
It's Wednesday, August 27th at 2pm in London.
Last week, the Fed chair, Je...
Gen Z Trends That Could Disrupt Markets
Our analysts Adam Jonas and Alex Straton discuss how tech-savvy young professionals are influencing retail, brand loyalty, mobility trends, and the broader technology landscape through their evolving consumer choices.
Read more insights from Morgan Stanley.
----- Transcript -----
Adam Jonas: Welcome to Thoughts on the Market. I'm Adam Jonas, Morgan Stanley's Embodied AI and Humanoid Robotics Analyst.
Alex Straton: And I'm Alex Straton, Morgan Stanley's U.S. Softlines Retail and Brands Analyst.
Adam Jonas: Today we're unpacking our annual summer intern survey...
How Stocks Could React to a Fed Pivot
Opinions by market pundits have been flying since Fed Chair Powell’s remarks at Jackson Hole last week, leaving the door open for interest rate cuts as soon as in September. Our CIO and Chief U.S. Equity Strategist Mike Wilson explains his continued call for a bullish outlook on U.S. stocks.
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. Today on the podcast...
What to Watch When Credit Spreads Narrow
Credit spreads are at the lowest levels in more than two decades, indicating health of the corporate sector. However, our Head of Corporate Credit Research Andrew Sheets highlights two forces investors should monitor moving forward.
Read more insights from Morgan Stanley.
----- Transcript -----
Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Head of Corporate Credit Research at Morgan Stanley.
Today – what to make of credit spreads as they hit some of their lowest levels in over 20 years? And what co...
AI Takes the Wheel
From China’s rapid electric vehicle adoption to the rise of robotaxis, humanoids, and flying vehicles, our analysts Adam Jonas and Tim Hsiao discuss how AI is revolutionizing the global auto industry.
Read more insights from Morgan Stanley.
----- Transcript -----
Adam Jonas: Welcome to Thoughts on the Market. I'm Adam Jonas. I lead Morgan Stanley's Research Department's efforts on embodied AI and humanoid robots.
Tim Hsiao: And I'm Tim Hsiao, Greater China Auto Analyst.
Adam Jonas: Today – how the global auto...
The Fed’s Next Moves After Mixed Data
Markets have already priced in a Fed cut, given the mixed economic data in the July labor and CPI prints. Our Global Economist Arunima Sinha makes the case for why we’re standing by our baseline call for a higher bar for a rate cut.
Read more insights from Morgan Stanley.
----- Transcript -----
Arunima Sinha: Welcome to Thoughts on the Market. I'm Arunima Sinha, Global Economist at Morgan Stanley.
Today – our evaluation of the Fed's policy path following the July CPI print, and the broade...
Why Credit Is Core to AI Expansion
Our Chief Fixed Income Strategist Vishy Tirupattur brings in Vishwas Patkar, Head of U.S. Credit Strategy, and Carolyn Campbell, Head of Consumer and Commercial ABS Research, to explain our high conviction on the role of credit markets in data center financing.
Read more insights from Morgan Stanley.
----- Transcript -----
Vishy Tirupattur: Welcome to Thoughts on the Market. I am Vishy Tirupattur, Morgan Stanley’s Chief Fixed Income Strategist.
Vishwas Patkar: I'm Vishwas Patkar, Head of U.S. Credit Strategy.
Carolyn Campbell: ...
What’s Fueling the Future of Energy in Asia?
Our analysts Tim Chan and Mayank Maheshwari discuss how nuclear power and natural gas are reshaping Asia’s evolving energy mix, and what these trends mean for sustainability and the future of energy.
Read more insights from Morgan Stanley.
----- Transcript -----
Tim Chan: Welcome to Thoughts on the Market. I'm Tim Chan, Morgan Stanley's Head of Asia Sustainability Research.
Mayank Maheshwari: And I am Mayank Maheshwari, the Energy Analyst for India and Southeast Asia.
Tim Chan: Today – a major shift i...
