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.
Inside Credit Market’s Issuance Boom and Private Lending Risks
Our Global Head of Fixed Income Andrew Sheets and Head of U.S. Credit Strategy Vishwas Patkar discuss what’s driving record debt issuance and growing worries about private credit.
Read more insights from Morgan Stanley.
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Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Global Head of Fixed Income Research at Morgan Stanley.
Vishwas Patkar: And I'm Vishwas Patkar, Head of U.S. Credit Strategy at Morgan Stanley.
Andrew Sheets: And today on the pr...
Why Fed Rate Cuts Could Be Pushed Back
Our Global Head of Macro Strategy Matthew Hornbach and our Chief U.S. Economist Michael Gapen discuss how oil prices, tariffs and inflation expectations are raising the bar for rate cuts by the Fed, and markets’ response to the new scenario.
Read more insights from Morgan Stanley.
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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: Today, the outcome of the Ma...
Can Government Action Tame Rising Energy Prices?
Our Head of Public Policy Research Ariana Salvatore breaks down what’s being discussed by policymakers around the world to try to cap the oil price spike.
Read more insights from Morgan Stanley.
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Welcome to Thoughts on the Market. I’m Ariana Salvatore, Head of Public Policy Research.
Today, I’ll be talking about the ongoing conflict in Iran and the policy options to offset a rise in oil prices.
It’s Wednesday, March 25th at 8pm in Tokyo.
The U.S.-Iran c...
Oil Markets Are Even Tighter Than They Appear
Our Global Commodities Strategist Martijn Rats discusses how the Strait of Hormuz shutdown has created a deep air pocket that will likely keep markets tighter and prices higher for longer than many expect.
Read more insights from Morgan Stanley.
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Welcome to Thoughts on the Market. I’m Martijn Rats, Morgan Stanley’s Global Commodities Strategist. Today – an update on the global impact on the Strait of Hormuz shutdown.
It’s Tuesday, March 24th, at 3pm in London.
More than three weeks into...
Asia’s Energy Dependence Meets a Narrow Strait
Our Asia Energy Analyst Mayank Maheshwari discusses how the conflict in the Middle East is sending ripple effects through Asia’s energy, power and food systems.
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Welcome to Thoughts on the Market. I’m Mayank Maheshwari, Morgan Stanley’s research analyst covering energy markets in India and Southeast Asia.
Today—how disruptions linked to Iran and the Strait of Hormuz are creating energy-related disruptions across Asia.
It’s Monday, March 23rd, at 8am in Singapore.
<...‘March Madness’ for Markets Too
As the Iran conflict upends market narratives, our Global Head of Fixed Income Research Andrew Sheets offers his take on how to view the historic disruption happening in March and what the next few weeks could bring.
Read more insights from Morgan Stanley.
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Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Global Head of Fixed Income Research at Morgan Stanley.
Today on the program, a survey of just how quickly key narratives have changed and how lasting that might be. <...
Europe’s Banks Navigate Uncertainty
Live from Morgan Stanley’s European Financials Conference, our Head of European Banks Alvaro Serrano and European Equity Research Banks Analyst Giulia Aurora Miotto discuss how geopolitics, private credit risk and AI are testing how resilient banks really are.
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Alvaro Serrano: Welcome to Thoughts on the Market. I'm Alvaro Serrano, Head of European Banks.
Giulia Aurora Miotto: And I'm Giulia Aurora Miotto, European Equity Research Banks Analyst.
Alvaro Serrano: Today we're at our annual European...
Oil Shock Hits the U.S. Consumer
A prolonged oil disruption is pushing gas prices higher. Arunima Sinha from our U.S. and Global Economics team joins Head of U.S. Policy Strategy Ariana Salvatore to discuss what that means for consumer spending, inflation expectations and the U.S. midterm elections.
Read more insights from Morgan Stanley.
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Arunima Sinha: Welcome to Thoughts on the Market. I'm Arunima Sinha from Morgan Stanley's U.S. and Global Economics Teams.
Ariana Salvatore: And I'm Ariana Salvatore, Head of U.S. Policy Strategy.
Japan’s Bull Market Takes Shape
Morgan Stanley MUFG ’s Japan Equity Strategist Sho Nakazawa talks about the sectors that are leading the current rebound of Japanese stocks and why these gains may be more than a cyclical shift.
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Welcome to Thoughts on the Market. I’m Sho Nakazawa, Japan Equity Strategist at Morgan Stanley MUFG Securities.
Today: How Japan’s Takaichi administration could define Japan’s stock market for years to come.
It’s Tuesday, March 17th, at 3 PM in Tokyo.
Is the Market Correction Ending?
With volatility and oil prices up while Fed policy is easing, our CIO and Chief U.S. Equity Strategist Mike Wilson breaks down why today’s selloff is giving flashbacks to March 2025—and why he believes his bull case still holds.
Read more insights from Morgan Stanley.
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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 discuss how the equity market has been processing recent headlines for months.
<...The Looming Bottleneck for Global Tech
Our Head of Asia Technology Research Shawn Kim explains what disruptions to shipping in the Strait of Hormuz could mean for the global semiconductor supply chain and the immediate future of AI infrastructure.
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Welcome to Thoughts on the Market. I’m Shawn Kim, Head of Morgan Stanley’s Asia Technology Team.
Today: why the Strait of Hormuz closure may matter to the global technology industry.
It’s Friday, March 13th, at 8 pm in Taipei.
AI a...
What Could Make U.S. Homes More Affordable
Our co-heads of Securitized Products Research Jay Bacow and James Egan discuss the impact of upcoming regulatory changes on U.S. mortgage rates and home sales.
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Jay Bacow: It is March and there's some madness going on. I'm Jay Bacow, here with Jim Egan, noted Wahoo Wa fan.
James Egan: Hey, it looks like Virginia's going to be back in the tournament this year, hoping for a three seed, looking like a four seed. It's the first...
The 20 million Barrels of Oil Conundrum
Our analysts Andrew Sheets and Martijn Rats discuss why a prolonged disruption of oil flow through the Strait of Hormuz would be unprecedented—and nearly impossible for the market to absorb.
Read more insights from Morgan Stanley.
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Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Global Head of Fixed Income Research at Morgan Stanley.
Martijn Rats: I'm Martijn Rats, Head of Commodity Research at Morgan Stanley.
Andrew Sheets: Today on the program we're going to talk about why...
Oil Rally Tests Diversification Strategy
Our Chief Cross-Asset Strategist Serena Tang discusses how rising oil prices and geopolitical tensions could make stocks and bonds move in the same direction, challenging one of the key principles of portfolio diversification.
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Welcome to Thoughts on the Market. I’m Serena Tang, Morgan Stanley’s Chief Cross-Asset Strategist.
Today: what happens if your main diversification strategy suddenly stops working because of oil price moves?
It’s Tuesday, March 10th, at 10am in New York.
...The Reasons for the Bull Market to Resume
Our CIO and Chief U.S. Equity Strategist Mike Wilson explains why history, technicals and fundamentals suggest a clearer runway for U.S. stocks six months out, despite geopolitical concerns.
Read more insights from Morgan Stanley.
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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 the conflict in Iran and what it means for equities.
It's Monday, March 9th at 11:30 am in New York.
...AI’s $3 Trillion Question: How to Pay the Bill?
In the second of our two-part panel discussion from Morgan Stanley’s TMT conference, our analysts break down the complexity of financing AI’s infrastructure and the technological disruption happening across industries.
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Michelle Weaver: Welcome back to Thoughts on the Market, and welcome to part two of our conversation live from the Technology, Media and Telecom conference. I'm Michelle Weaver, U.S. Thematic and Equity Strategist at Morgan Stanley.
Today we're continuing our conversation with Stephen Byrd, Jo...
AI’s Tangible Wins and Disruption
Live from Morgan Stanley’s TMT conference, our panel break down where AI is already delivering real returns—and where rapid advances are raising new risks.
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Michelle Weaver: Welcome to Thoughts on the Market. I'm Michelle Weaver, U.S. Thematic and Equity Strategist here at Morgan Stanley.
Today we've got a special episode on AI adoption. And this is a first in a two-part conversation live from our Technology, Media and Telecom conference.
It's Thursd...
Pricing the Conflict With Iran
Our Deputy Global Head of Research Michael Zezas and Head of Public Policy Research Ariana Salvatore assess the potential market outcomes of the Middle East conflict, weighing its possible duration and economic impact.
Read more insights from Morgan Stanley.
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Michael Zezas: Welcome to Thoughts on the Market. I'm Michael Zezas, Morgan Stanley's Deputy Global Head of Research.
Ariana Salvatore: And I'm Ariana Salvatore, Head of Public Policy Research.
Michael Zezas: Today we're discussing the escalating U.S.-Iran conflict, the market...
Travel Becomes a New Growth Engine for China
Our Hong Kong/China Transportation & Infrastructure Analyst Qianlei Fan discusses how China’s travel industry is shifting from a post-pandemic rebound to a multi-year expansion.
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Welcome to Thoughts on the Market. I’m Qianlei Fan, Morgan Stanley’s Hong Kong / China Transportation Analyst. Today, I'll share my thoughts on why travel is quickly emerging as one of [the] key drivers of China's economic rebalancing.
It’s Tuesday, March the 3rd, at 2pm in Hong Kong.
I've just...
The Risks of Private Credit's Software Exposure
Our Chief Fixed Income Strategist Vishy Tirupattur and U.S. Head of Credit Strategy Vishwas Patkar discuss the implications of private credit’s exposure to the software industry.
Read more insights from Morgan Stanley.
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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, Morgan Stanley's U.S. Head of Credit Strategy.
Vishy Tirupattur: While potential disruption from AI has been a key driver for markets [in the] last...
AI as New Global Power?
Our Deputy Head of Global Research Michael Zezas and Stephen Byrd, Global Head of Thematic and Sustainability Research, discuss how the U.S. is positioning AI as a pillar of geopolitical influence and what that means for nations and investors.
Read more insights from Morgan Stanley.
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Michael Zezas: Welcome to Thoughts on the Market. I'm Michael Zezas, Morgan Stanley's Deputy Head of Global Research.
Stephen Byrd: And I'm Stephen Byrd, Global Head of Thematic and Sustainability Research.
Michael Zezas: Today – is AI b...
Oil Rallies on Fresh Uncertainty
Our Global Commodities Strategist Martijn Rats discusses the geopolitical drivers behind the recent spike in oil prices and outlines four Iran scenarios.
Read more insights from Morgan Stanley.
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Welcome to Thoughts on the Market. I’m Martijn Rats, Morgan Stanley’s Global Commodities Strategist.
Today – what’s fueling the latest oil market rally.
It’s Thursday, February 26th, at 3pm in London.
What happens when oil prices jump, even though there’s no actual shortage of oil? That’s the situatio...
Special Encore: For Better or Warsh
Original Release Date: Feb 6, 2026
Our Global Head of Fixed Income Research Andrew Sheets and Global Chief Economist Seth Carpenter unpack the inner workings of the Federal Reserve to illustrate the challenges that Fed chair nominee Kevin Warsh may face.
Read more insights from Morgan Stanley.
----- Transcript -----
Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Global Head of Fixed Income Research at Morgan Stanley.
Seth Carpenter: And I'm Seth Carpenter, Morgan Stanley's Global Chief Economist and Head of Macro Research.
Andrew...
Why Stocks Keep Rising Despite AI Anxiety
Our CIO and Chief U.S. Equity Strategist Mike Wilson explains why he still believes in a growth cycle for equity markets, even as investors show growing concerns around AI.
Mike Wilson: 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 recent concerns around AI disruption.
It's Tuesday, February 24th at 1pm in New York.
So, let's get after it.
Last week you could feel it, that anxious undercurrent in the...
Global Trade in Flux: What’s Next After Tariff Ruling
The Supreme Court's latest ruling on tariffs has thrown existing trade agreements into uncertainty. Our Head of Public Policy Research Ariana Salvatore and Arunima Sinha, from the U.S and Global Economics teams break down the fallout.
Read more insights from Morgan Stanley.
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Ariana Salvatore: Welcome to Thoughts on the Market. I'm Ariana Salvatore, Head of Public Policy Research.
Arunima Sinha: And I am Arunima Sinha on the U.S. and Global Economics teams.
Ariana Salvatore: Today we'll be talking about t...
AI at Work: The Transformation Is Already Underway
Our Head of European Sustainability Research Rachel Fletcher talks about how AI’s is quickly reshaping employment and productivity across key industries and regions.
Read more insights from Morgan Stanley.
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Rachel Fletcher: Welcome to Thoughts on the Market. I am Rachel Fletcher, Head of European Sustainability Research at Morgan Stanley.
Today, how AI is shaking up the global job market.
It's Friday, February 20th at 2pm in London.
You've probably asked yourself when all the excitement around AI is going...
Could the U.S. Target a Weaker Dollar?
Our Global Head of FX and EM Strategy James Lord and Global Chief Economist Seth Carpenter discuss what’s driving the U.S. policy for the dollar and the outlook for other global currencies.
Read more insights from Morgan Stanley.
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James Lord: Welcome to Thoughts on the Market. I’m James Lord, Global Head of FX and EM Strategy at Morgan Stanley.
Seth Carpenter: And I'm Seth Carpenter, Morgan Stanley's Global Chief Economist and Head of Macro Research.
James Lord: Today we're t...
The Political Cost of the AI Buildout
More Americans are blaming the AI infrastructure expansion for rising electricity bills. Our Head of Public Policy Research Ariana Salvatore explains how the topic may influence policy announcements ahead of the midterm elections.
Read more insights from Morgan Stanley.
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Ariana Salvatore: Welcome to Thoughts on the Market. I'm Ariana Salvatore, Head of Public Policy Research for Morgan Stanley.
Today I'll be talking about the relationship between affordability, the data center buildout, and the midterm elections.
It's Wednesday, February 18th at 10am in...
A Novel Way to Shop Online
Our Head of U.S. Internet Research Brian Nowak joins U.S. Small and Mid-Cap Internet Analyst Nathan Feather to explain why the future of agentic commerce is closer than you think.
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Brian Nowak: Welcome to Thoughts on the Market. I'm Brian Nowak, Morgan Stanley's Head of U.S. Internet Research
Nathan Feather: And I'm Nathan Feather, U.S. Small and Mid-Cap Internet Analyst.
Brian Nowak: Today, how AI-powered shopping assistants are set to re...
Introducing Hard Lessons
Iconic investors sit down with Morgan Stanley leaders to go behind the scenes on the critical moments – both successes and setbacks – that shaped who they are today.
Watch and listen to the series on your favorite platform.
Why a Tariff Ruling Could Mean Consumer Relief
Arunima Sinha, from the U.S. and Global Economics team, discusses how an upcoming Supreme Court decision could reshape consumer prices, retail margins and the inflation outlook in 2026.
Read more insights from Morgan Stanley.
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Arunima Sinha: Welcome to Thoughts on the Market. I'm Arunima Sinha from Morgan Stanley's U.S. and Global Economics Teams.
Today: How a single Supreme Court ruling could change the tariff math for U.S. consumers.
It's Friday, February 13th at 10am in New York.
...
Signs That Global Growth May Be Ahead
Our Global Head of Fixed Income Research Andrew Sheets explains how key market indicators reflect a constructive view around the global cyclical outlook, despite a volatile start to 2026.
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Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Global Head of Fixed Income Research at Morgan Stanley.
Today I'm going to talk about the unusual alignment of a number of key indicators.
It's Thursday, February 12th at 2pm in London.
A frustr...
The Future of North American Trade
With the U.S.-Canada-Mexico Agreement coming up for review, our Head of Public Policy Research Ariana Salvatore unpacks whether our 2025 call for deeper trade integration still holds.
Read more insights from Morgan Stanley.
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Ariana Salvatore: Welcome to Thoughts on the Market. I'm Ariana Salvatore, Head of Public Policy Research for Morgan Stanley.
Today I'll be talking about our expectations for the upcoming USMCA review, and how the landscape has shifted from last year.
It's Wednesday, February 11th at 4pm in Lo...
A Thematic Look at Market Volatility
Our Global Head of Thematic and Sustainability Research Stephen Byrd and U.S. Thematic and Equity Strategist Michelle Weaver lay out Morgan Stanley’s four key Research themes for 2026, and how those themes could unfold across markets for the rest of the year.
Read more insights from Morgan Stanley.
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Stephen Byrd: Welcome to Thoughts on the Market. I'm Stephen Byrd, Global Head of Thematic and Sustainability Research.
Michelle Weaver: And I'm Michelle Weaver, U.S. Thematic and Equity Strategist.
Stephen Byrd: I wa...
Why Latin America’s ‘Trifecta’ Could Reshape Global Portfolios
Our Chief LatAm Equity Strategist Nikolaj Lippmann discusses why Latin America may be approaching a rare “Spring” moment – where geopolitics, peaking rates, and elections set the scene for an investment-led growth cycle with meaningful market upside.
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Nikolaj Lippmann: Welcome to Thoughts on the Market. I'm Nikolaj Lippmann, Morgan Stanley’s Chief Latin America Equity Strategist.
If you ever felt like Latin America is too complicated to follow, today's episode is for you.
It's Monday, February 9th...
For Better or Warsh
Our Global Head of Fixed Income Research Andrew Sheets and Global Chief Economist Seth Carpenter unpack the inner workings of the Federal Reserve to illustrate the challenges that Fed chair nominee Kevin Warsh may face.
Read more insights from Morgan Stanley.
----- Transcript -----
Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Global Head of Fixed Income Research at Morgan Stanley.
Seth Carpenter: And I'm Seth Carpenter, Morgan Stanley's Global Chief Economist and Head of Macro Research.
Andrew Sheets: And today on the...
The Fed’s Course Under a New Chair
Our Global Head of Macro Strategy Matthew Hornbach and Chief U.S. Economist Michael Gapen discuss the path for U.S. interest rates after the nomination of Kevin Warsh for next Fed chair.
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: Today we'll be talking about the Federal Open Market Committee meeting that oc...
Affordability Takes Center Stage in U.S. Policy
Affordability is back in focus in D.C. after the brief U.S. shutdown. Our Deputy Global Head of Research Michael Zezas and Head of Public Policy Research Ariana Salvatore look at some proposals in play.
Read more insights from Morgan Stanley.
----- Transcript -----
Michael Zezas: Welcome to Thoughts on the Market. I'm Michael Zezas, Deputy Global Head of Research for Morgan Stanley.
Ariana Salvatore: And I'm Ariana Salvatore, Head of Public Policy Research.
Michael Zezas: Today we're discussing the continued focus on affo...
A New Playbook for Equity Investors
Our Chief Cross-Asset Strategist Serena Tang and senior leaders from Investment Management Andrew Slimmon and Jitania Kandhari unpack new investment trends from supportive monetary and fiscal policy and shifting market leadership.
Read more insights from Morgan Stanley.
----- Transcript -----
Serena Tang: Welcome to Thoughts on the Market. I'm Serena Tang, Morgan Stanley's Chief Cross Asset Strategist. Today we're revisiting the 2026 global equity outlook with two senior leaders from Morgan Stanley Investment Management.
Andrew Slimmon: I am Andrew Slimmon, Head of Applied Equity Team within Morgan...
New Fed Chair, New Market Signals
Our CIO and Chief U.S. Equity Strategist Mike Wilson discusses how the nomination of Kevin Warsh to lead the Fed could move markets.
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: The implications of Kevin Warsh’s nomination as the next Fed Chair.
It's Monday, February 2nd at 10 am in New York.
So, let’s get after it.
...
