{"podcast":{"title":"Thoughts on the Market","slug":"thoughts-on-the-market-980853","podcast_index_feed_id":980853,"rss_url":"https://rss.art19.com/thoughts-on-the-market","website_url":"https://art19.com/shows/thoughts-on-the-market","image_url":"https://content.production.cdn.art19.com/images/68/53/52/d0/685352d0-9248-46b0-99bc-96589e58c7da/17e395c4e66b1b71c451c38d72389ffaebc7784e20e8c3bea964dc0287434ef3475e93f6527b48a642d0d7a6a23943dcdef6c0b861481aed9ef54002b9f78b4d.jpeg","author":"Morgan Stanley","episode_count":1675,"summary":"Short, thoughtful and regular takes on recent events in the markets from a variety of perspectives and voices within Morgan Stanley.","last_synced_at":"2026-07-25T20:17:54.934994+00:00","page_url":"https://stenobird.com/podcast/thoughts-on-the-market-980853"},"episode":{"title":"Investors’ Focus Shifts to Rates and AI","slug":"investors-focus-shifts-to-rates-and-ai","published_at":"2026-07-02T20:00:00+00:00","page_url":"https://stenobird.com/podcast/thoughts-on-the-market-980853/investors-focus-shifts-to-rates-and-ai","show_page_url":"https://stenobird.com/podcast/thoughts-on-the-market-980853","url":"https://pdst.fm/e/pscrb.fm/rss/p/rss.art19.com/episodes/13ec1491-1552-4693-9d5a-9005e1aeb962.mp3?rss_browser=BAhJIg90cmFuc2NyaWJyBjoGRVQ%3D--952c5701c84ad333c69d5faa668f8177091704f0","audio_url":"https://pdst.fm/e/pscrb.fm/rss/p/rss.art19.com/episodes/13ec1491-1552-4693-9d5a-9005e1aeb962.mp3?rss_browser=BAhJIg90cmFuc2NyaWJyBjoGRVQ%3D--952c5701c84ad333c69d5faa668f8177091704f0","summary":"Following meetings across Europe and Asia, our Global Head of Cross-Asset Strategy Research, Serena Tang, discusses two of the main themes on investors' minds: uncertainty around U.S. monetary policy and increasing caution toward AI despite its long-term potential. Serena Tang: Welcome to Thoughts on the Market. I'm Serena Tang, Global Head of Cross-Asset Strategy Research at Morgan Stanley. And today, I'm bringing you a debrief from my investor meetings across Europe and Asia, and the key debates around AI and the Fed. It's Thursday, July 2nd at 10am in New York. The last two weeks, I have been traveling in Europe and Asia to meet with investors to discuss Morgan Stanley's latest views. Two themes dominated nearly every room I walked into. The first is the Federal Reserve and monetary policy path in the U.S. Many investors had interpreted Chair Kevin Warsh's June FOMC meeting, his first at the helm, as unambiguously hawkish. What market investors at my meetings pointed out is that [the] Fed's Summary of Economic Projections – commonly shortened to SEP, which details policymakers' forecasts for macro metrics like GDP growth, inflation, and the federal funds rate – added a hike in 2026 and pushed out rate cuts, implying more restrictive policy. Now, Morgan Stanley's economists think that hikes implied by SEP at the June FOMC meeting should be interpreted with caution. The projections appeared conditioned on elevated near-term inflation and may not capture the disinflation from a straight reopening. We actually anticipate a lower path for core inflation given a combination of a reversal in travel-related inflation and tariff payback, which lead to our call that the Fed remains on hold through 2026. The second recurring theme in meetings with investors across regions is,…","meta_description":"Following meetings across Europe and Asia, our Global Head of Cross-Asset Strategy Research, Serena Tang, discusses two of the main themes on investors' m…","key_points":[],"chapters":[],"topics":[],"duration_seconds":316,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/thoughts-on-the-market-980853/episodes/investors-focus-shifts-to-rates-and-ai/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/thoughts-on-the-market-980853/investors-focus-shifts-to-rates-and-ai.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}