# The Global Rate Debate

Page: https://stenobird.com/podcast/thoughts-on-the-market-980853/the-global-rate-debate
Text version: https://stenobird.com/podcast/thoughts-on-the-market-980853/the-global-rate-debate.md
Podcast: [Thoughts on the Market](https://stenobird.com/podcast/thoughts-on-the-market-980853)
Published: 2026-07-21T21:30:00+00:00
Episode link: https://pdst.fm/e/pscrb.fm/rss/p/rss.art19.com/episodes/3906f213-9abf-401a-81a0-f1353804a3dc.mp3?rss_browser=BAhJIg90cmFuc2NyaWJyBjoGRVQ%3D--952c5701c84ad333c69d5faa668f8177091704f0
Audio file: https://pdst.fm/e/pscrb.fm/rss/p/rss.art19.com/episodes/3906f213-9abf-401a-81a0-f1353804a3dc.mp3?rss_browser=BAhJIg90cmFuc2NyaWJyBjoGRVQ%3D--952c5701c84ad333c69d5faa668f8177091704f0
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JSON: https://stenobird.com/v1/public/podcasts/thoughts-on-the-market-980853/episodes/the-global-rate-debate
Duration seconds: 755

## Resource

In the second part of our economic roundtable, Michael Gapen, Jens Eisenschmidt and Chetan Ahya join Seth Carpenter to discuss how central banks are balancing sticky inflation, resilient growth and regional policy trade-offs. 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 and Head of Macro Research.  And once again today, I am joined by Morgan Stanley's chief regional economists: Michael Gapen, the Chief U.S. Economist, Jens Eisenschmidt, our Chief Europe Economist, and on the other side of the world, Chetna Ahya, our Chief Asia Economist.  Yesterday, we talked about what's supporting growth around the world, especially AI spending in the U.S. and some government spending in Europe, and Asia's role in making all of this happen. Today, we're going to try to dig deeper and go into policy.  It's Tuesday, July 21st at 10 am in New York  Jens Eisenschmidt: And 4pm in Frankfurt.  Chetan Ahya: And 10pm in Hong Kong.  Seth Carpenter: Since the last time we did this in mid-April, I will say the debate around central banks has probably become more complicated. Global growth has held up, probably better than many people expected. And inflation, which picked up a lot, started to recede. But it has not gone away. And some of the forces helping to shape the economy, the AI spending, government spending, that possible upswing in manufacturing, that could keep demand strong, and it might keep pushing inflation higher.  So, the question today is, if growth remains resilient, how much room really do central banks have to navigate?  Mike, let me start with you because your call for the Fed here in the U.S. is out of consens…

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## Transcript

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