Thoughts on the Market

By Morgan Stanley

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Description

Short, thoughtful and regular takes on recent events in the markets from a variety of perspectives and voices within Morgan Stanley.


Episode Date
Andrew Sheets: Pressure Testing the “Overoptimistic Markets” Argument
00:03:15

The sharp rebound in stock and corporate bond markets has made some question if markets are a bit too upbeat about a speedy recovery. There’s just one problem with this view.

Jul 10, 2020
Michael Zezas: How Should Investors Ride a Potential “Blue Wave”?
00:02:37

Although the U.S. election is anything but predictable four months away, investors may still want to consider how markets would react to a Democrat sweep.

Jul 08, 2020
Mike Wilson: Is Inflation Healthy for an Economy?
00:04:07

While excessive inflation can be disruptive, such as in the 1970’s, a deflationary mindset can often be more destructive—and difficult to reverse. What current inflation trends mean for investors.

Jul 06, 2020
Andrew Sheets: The Legacy of Alexander Hamilton
00:03:12

Although Alexander Hamilton couldn’t have foreseen the current health crisis facing the U.S., his ideas remain relevant—and key to the recovery—more than 200 years later.

Jul 02, 2020
Mike Wilson: Two Key Points about a U.S. Recovery
00:02:56

Although a worrying trend in new U.S. COIVD-19 cases has some investors understandably bearish, they may be overlooking two key points about earnings and sentiment. 

Jun 29, 2020
Special Episode, Part 2: Europe Navigates the Coronavirus
00:07:31

Europe’s response to the coronavirus pandemic—both in managing the outbreak and in policy response—has been strong. Here’s what it means for asset classes in the region.

Jun 26, 2020
Special Episode: “Reopening” at the Tipping Point
00:09:47

How should investors think about the recovery as the U.S. balances reopening with concerns over a second wave of coronavirus infections?

Jun 25, 2020
Michael Zezas: Is Multipolarity the New Megatrend?
00:02:46

How should investors view a world where there may be room for more than one norm when it comes the balance of power among economies and commerce?

Jun 24, 2020
Mike Wilson: Investor Reactions to a More Constructive Outlook
00:03:59

Many investors are still looking at the current recession as an anomaly rather than as the end of a cycle. Chief Investment Officer Mike Wilson explains the implications.

Jun 22, 2020
Andrew Sheets: Is This Recession Actually… Normal?
00:03:36

While the macro events of the last few months are certainly extreme by the standards of history, the current business cycle may be more normal than is appreciated.

Jun 19, 2020
Michael Zezas: Another Round of U.S. Pandemic Relief?
00:02:10

Two common doubts about another round of fiscal stimulus center on the politics of passage and election year strategy. Here’s why Congress could agree on a package.

Jun 17, 2020
Mike Wilson: The Highs and Lows of New Bull Markets
00:04:14

Equity markets became a bit frothy during early June as optimism over a recovery took hold. So while a correction may be afoot, it isn’t atypical for a young bull market.

Jun 15, 2020
Special Episode: Europe’s Moment of Solidarity
00:11:57

The proposed €750 billion European Recovery Fund could represent more than just a recovery from COVID-19. It may also signal a new era of political and economic unity.

Jun 12, 2020
Michael Zezas: Unpacking the Politics of Deficits
00:03:30

Policymakers and voters may care about deficits, but reducing current spending may not be a priority over other issues—and right now that may be a plus for the economy.

Jun 10, 2020
Andrew Sheets: A Significant Moment for the Eurozone
00:03:17

Over the last decade, global investors have been lukewarm toward European assets, but three encouraging developments may be set to change that investing narrative.

Jun 09, 2020
Mike Wilson: Rates Play Catch-Up, Again
00:04:42

Depressed 10-year Treasury yields and a strong dollar have tempered the bullish outlook for U.S. equities. But a shift in both suggests a V-shape recovery could be more likely.

Jun 08, 2020
Andrew Sheets: What Do Markets Reward? Progress.
00:03:30

Why are markets climbing despite a pandemic and this week’s demonstrations across the U.S.? The answer may lie with how markets view progress.

Jun 05, 2020
Special Episode: The Race to a Vaccine
00:10:40

Large cap biotech analyst Matthew Harrison talks with Chief Cross-Asset Strategist Andrew Sheets to discuss the latest timeline for a coronavirus vaccine, hurdles to success and possible market reactions.  

Jun 04, 2020
Mike Wilson: Welcome to Early Cycle?
00:03:23

Although market volatility continues to decrease, the volatility of popular momentum strategies is increasing—which suggests a coming rotation to early cycle stocks.

Jun 01, 2020
Andrew Sheets: Does COVID-19 Change the Investing Playbook?
00:03:17

Although the impact of the coronavirus on markets, economies and jobs is truly unprecedented, it doesn’t mean investing precedents don’t still apply.

May 29, 2020
Michael Zezas: Could Cash-Strapped States Bank on Online Gaming?
00:01:46

As U.S. states cope with challenged finances due to the coronavirus, could some look to online gaming to fill budget gaps?

May 27, 2020
Mike Wilson: 3 Reasons Why a 2020 Recovery May Be Different
00:03:21

Although the coronavirus recession shares traits with the 2008 financial crisis and other recessions, the rate and sustainability of a recovery could be quite different this cycle.

May 26, 2020
Special Episode: All Hail the U.S. Consumer
00:06:47

Will pent-up demand from U.S. consumers help drive a recovery from the coronavirus recession? A special conversation with our Chief Investment Officer and Chief U.S. Economist.

May 22, 2020
Andrew Sheets: The Case for the Return of Inflation
00:03:04

Why would inflation rise since the current recession means an acute shortage of demand for goods and services? Chief Cross-Asset Strategist Andrew Sheets explains.

May 21, 2020
Michael Zezas: The Mechanics of Fiscal Stimulus
00:02:09

Congress is weighing another round of fiscal stimulus, possibly by July. But the dynamics of passage in an election year could mean a narrow window to take action.

May 20, 2020
Mike Wilson: Financial Repression Is Alive and Well
00:04:04

Current stock market price patterns look surprisingly similar to 2009 and the global financial crisis. The big difference for investors may be the knock-on effect of low interest rates.

May 18, 2020
Andrew Sheets: Are Negative Interest Rates Coming to the U.S. and UK?
00:03:14

As markets have begun to price expectations for negative rates in Britain and the U.S., Chief Cross-Asset Strategist Andrew Sheets breaks down the potential impact on consumers, savers and economic growth.

May 15, 2020
Special Episode: Lessons and Limits of China’s Recovery
00:09:58

What China’s rebound from COVID-19 can—and can’t—tell us about the path, speed and pitfalls of economic reopening for other countries. Chief China Economist Robin Xing and Chief Cross-Asset Strategist Andrew Sheets look at the data, lessons so far, and how the country has had to modify its crisis playbook.

May 14, 2020
Michael Zezas: COVID-19 Sparks Renewed U.S.-China Trade Tensions
00:02:40

Can the Phase One trade deal détente stand, or will the U.S. and China return to a cycle of escalating tariffs that may impact prospects of a rebound in economic growth? Michael Zezas, Head of Public Policy Research and Municipal Strategy, takes a closer look.

May 13, 2020
Mike Wilson: U is for Unicorn
00:03:48

Amid investor speculation about the shape of a recovery, Chief Investment Officer Mike Wilson urges a standard recession playbook.

May 11, 2020
Special Episode, Part 2: Markets Eye Climbing Government Deficits
00:09:38

How should an investor evaluate the issue of high levels of government debt as nations battle the impact of the coronavirus? A deep dive into the debate.

May 08, 2020
Special Episode: Recovering from the Stimulus
00:08:02

How can we best coordinate policy to support a timely recovery and what lessons can we learn from the past? Chief Global Economist Chetan Ahya and Chief Cross Asset Strategist Andrew Sheets discuss the policy path back from the global economic crisis brought on by COVID-19.

May 07, 2020
Michael Zezas: Fixing a Hole (in State Budgets)
00:01:51

The hole in U.S. state budgets caused by coronavirus-driven revenue shortfalls will likely affect more than just muni bond investors. Head of Public Policy Michael Zezas explains.

May 06, 2020
Mike Wilson: A Pause that Refreshes
00:03:38

As the rally in U.S. equities takes a break, investors may want to position for "early cycle." And that means re-thinking portfolios just as downbeat economic and earnings data arrives.

May 04, 2020
Andrew Sheets: The Disconnect Between Economies and Markets
00:03:31

Why did April’s stock market gains seem oddly disconnected from recent poor economic data? Chief Cross Asset Strategist Andrew Sheets has the answer.

May 01, 2020
Matthew Hornbach: A Change of Fortune for the U.S. Dollar?
00:04:08

Consensus on the dollar has been bearish for years, only to be proven wrong time after time. But Global Head of Macro Strategy Matthew Hornbach says the mechanics of supply and demand could change that outcome.

Apr 30, 2020
Michael Zezas: Could U.S. State Governments Go Bankrupt?
00:02:49

As Congress debates aid for state governments, for investors, the principal concern is that a lack of additional federal aid might further depress state spending and drag on economic growth.

Apr 29, 2020
Mike Wilson: Staying Ahead of the (Flattening) Curve
00:03:44

As some states begin to loosen quarantine restrictions, "stay at home stocks" may no longer be the place to be. Chief Investment Officer Mike Wilson explains.

Apr 27, 2020
Andrew Sheets: Even in a Crisis, the Cycle Still Matters
00:03:35

Investment strategies tied to the business cycle are still relevant, especially as our key internal indicator shows the cycle has moved into a new phase. Andrew Sheets, Chief Cross-Asset Strategist, makes the case.

Apr 24, 2020
Special Episode, Part 2: How Much Stimulus Is Enough?
00:06:52

Congress has readied more funds to support U.S. businesses and households in order to shorten the pandemic-induced downturn. How far will they go? Chief U.S. Economist Ellen Zentner and Head of Public Policy Research Michael Zezas discuss the scale of the stimulus and its limits.

Apr 23, 2020
Special Episode: How Much Stimulus Is Enough?
00:08:51

Congress has readied more funds to support U.S. businesses and households in order to shorten the pandemic-induced downturn. How far will they go? Chief U.S. Economist Ellen Zentner and Head of Public Policy Research Michael Zezas discuss the scale of the stimulus and its limits.

Apr 22, 2020
Mike Wilson: Equities Position for America’s Grand Reopening
00:03:56

Although it remains to be seen how fast the U.S. can “re-open,” in the near term, markets may be betting on an economy that will normalize faster than feared.

Apr 20, 2020
Andrew Sheets: Why OPEC May Be Rethinking Its Strategy
00:03:31

The steep decline in oil prices is a fascinating story of demand, supply and even game theory. But Chief Cross-Asset Strategist Andrew Sheets says that story could reverse next year.

Apr 17, 2020
Reza Moghadam: Emerging-Market Economies Prepare for COVID-19
00:04:47

Emerging markets recovered quickly from the 2008 financial crisis, but could a more challenging backdrop in 2020 mean a different outcome this time? Insights from Chief Economic Adviser Reza Moghadam.

Apr 16, 2020
Michael Zezas: Has the Fed Ignited Muni Bond Markets?
00:02:38

For investors in municipal bonds, the Fed’s recent creation of the Municipal Liquidity Facility and Mainstreet Lending Facility are a key positive. Head of Municipal Strategy Michael Zezas explains why.

Apr 15, 2020
Special Episode, Part 2: Coronavirus - Building Models to Rebuild Economies
00:10:23

When do we return to work? The market reaction? The drug pipeline? Chief Cross-Asset Strategist Andrew Sheets and Head Biotech Equity Analyst Matthew Harrison continue their discussion on the impact of the Covid-19 pandemic.

Apr 14, 2020
Mike Wilson: U.S. Markets React to Fed Moves
00:04:56

If there is one lesson to be learned from the financial repression era it's that when risk premium appears, investors may want to make moves before it evaporates.

Apr 13, 2020
Special Episode: Coronavirus – Building Models to Rebuild Economies
00:09:57

How do you track a virus, a global economy and a road to recovery? On this special episode, an engaging conversation with our Chief Cross-Asset Strategist and Head Biotech Equity Analyst.

Apr 09, 2020
Michael Zezas: Another Dose of Fiscal Stimulus?
00:02:53

The U.S. Congress has been debating ways to flatten another worrying curve: the sliding economic growth curve. What form could additional fiscal stimulus take?

Apr 08, 2020
Mike Wilson: What Are Markets Thinking?
00:03:58

Asset prices often reflect the obvious before it becomes obvious. So the question for investors now is, "What is the market thinking about that's not obvious?"

Apr 06, 2020
Andrew Sheets: Optimism for Credit Markets
00:02:58

Even as economic and public health data get worse, recent changes in three key factors make global credit markets an attractive option. Our Chief Cross-Asset Strategist, Andrew Sheets, explains.

Apr 03, 2020
Michael Zezas: What Does the CARES Act Buy?
00:02:50

The $2 trillion CARES Act includes a variety of provisions that will help preserve the financial health of state and local governments, hospitals and airports. Here’s what’s inside.

Apr 01, 2020
Mike Wilson: U.S. Equities - Is the Worst Behind Us?
00:03:58

Although economic and earnings data could be gloomy over the next month, have equity markets already discounted the bad news? Detailed analysis from Chief Investment Officer Mike Wilson.

 

Mar 30, 2020
Andrew Sheets: The Critical Calls of Financial Referees
00:03:18

Governments and central banks face two issues: A flight to liquidity and a global economy that showed signs of fatigue even before the pandemic. For investors seeking opportunities, it’s an important distinction.

Mar 27, 2020
Special Episode: Can $2 Trillion Flatten the Unemployment Curve?
00:06:27

As a record 3.28 million workers file for unemployment, our Chief U.S. Economist and Chief U.S. Public Policy researcher weigh potential effects from the fiscal package now before Congress.

Mar 26, 2020
Michael Zezas: Sizing Up the Stimulus Package
00:02:51

Congressional leaders have reached a deal on a $2 trillion stimulus bill to deal with fallout from the coronavirus crisis. Will it work? Two criteria to watch for.

Mar 25, 2020
Mike Wilson: The Underlying Reasons for Recession
00:03:48

Mike Wilson looks beyond the coronavirus outbreak at the two key conditions which have made the markets vulnerable to a recession.

Mar 23, 2020
Andrew Sheets: First, Improve on Uncertainty
00:03:19

On this episode, Chief Cross-Asset Strategist Andrew Sheets says that the 4%+ swings in equities markets have made investors skeptical about jumping back in. More U.S. testing could help.

Mar 20, 2020
Andrew Sheets: Why We Think Risk/Reward Is Improving
00:03:45

Although the sell-off may not be over and the global economy has tough days ahead, a growing number of factors suggest that risk/reward in markets may be getting better.

Mar 19, 2020
Special Episode: Imagining the Shape of Recovery
00:07:29

As central banks and governments weigh a litany of stimulus efforts, what could the journey to economic recovery look like? Our Chief U.S. Economist and Head of U.S. Public Policy Research sum up the debates.

Mar 18, 2020
Michael Zezas: Inside the Municipal Bond Liquidity Trap
00:02:35

When markets get volatile, strange things start to happen in markets you might not expect. That's both a sign of stress, and in some cases, a sign of opportunity.

Mar 17, 2020
Mike Wilson: The End of The Cyclical Bear Market?
00:04:24

Just three months ago, market expectations were likely overoptimistic. That's how tops are made. Today, they are maybe too pessimistic… and that's how bottoms are made.

Mar 16, 2020
Andrew Sheets: The Comfort of Market Patterns
00:03:01

Although current market swings suggest that we are in serious, unpredictable times, a look through market history may reveal where we’re headed next.

Mar 13, 2020
Michael Zezas: Oil Exporter Tensions Add to Market Worries
00:02:18

The dual challenges of the coronavirus and the collapse of the OPEC plus arrangement intensifies the need for a fiscal response from Washington. Head of Public Policy Research Michael Zezas explains.

Mar 11, 2020
Special Episode: The Road Ahead
00:08:00

Investors reacted strongly as oil prices and coronavirus worries disrupted markets. Chief Cross-Asset Strategist Andrew Sheets and Chief U.S. Economist Ellen Zentner debate what’s next.

Mar 10, 2020
Mike Wilson: Revisiting the Rolling Bear Market
00:04:32

The recent correction in equity markets suggests that the fourth quarter rally in 2019 may have been a false breakout—and the rolling bear has unfinished business.

Mar 09, 2020
Andrew Sheets: Patience as an Investing Virtue
00:02:39

Two competing forces—hopes for further central bank moves vs. coronavirus uncertainty—are driving a notable rise in volatility. What signal should investors watch for signs of a potential rebound?

Mar 06, 2020
Michael Zezas: Lessons from Super Tuesday
00:03:57

From an investment standpoint, are there lessons to be learned from Joe Biden’s strong showing on Super Tuesday? Yes, but not the ones you might think.

Mar 04, 2020
Special Episode: A Policy Fix Isn’t Easy
00:02:54

U.S. stocks fell Tuesday despite a half point rate cut by the Fed. Is conventional wisdom wrong that lower interest rates and central bank support are positives for stocks?

Mar 03, 2020
Andrew Sheets: Coronavirus: Are Markets Overreacting?
00:03:15

Global equity markets have endured several days of losses as worries over the coronavirus continue. The question for many investors is “What to do now?”

Feb 27, 2020
Special Episode: Coronavirus as Catalyst
00:03:19

Markets have spent the week increasingly concerned about the coronavirus, but Chief Investment Officer Mike Wilson says there’s a lot more going on beyond the headlines.

Feb 26, 2020
Michael Zezas: Medicare for All… for Investors
00:02:50

Senator Bernie Sanders’ recent primary wins are causing some to debate the impact of potential new health care reform on markets. Head of U.S. Public Policy Research Michael Zezas shares three insights.

Feb 26, 2020
Mike Wilson: All Hail the 50/50 Portfolio?
00:04:05

In a world of low interest rates and low growth expectations, one portfolio strategy seems likely to continue working for investors. Chief Investment Officer Mike Wilson explains.

Feb 24, 2020
Andrew Sheets: Why 2020 May Be Tricky for Investors
00:03:23

Although current stock market performance suggests strong economic health, below the surface the story looks a bit different. Chief Cross Asset Strategist Andrew Sheets explains.

Feb 21, 2020
Michael Zezas: Coronavirus and “Slowbalization”
00:01:50

On today's episode: The impact of the coronavirus underscores the risks of unexpected disruptions of global supply chains. A look at the cost-benefits of globalization.

Feb 18, 2020
Andrew Sheets: Will Returns Be Front-Loaded in 2020?
00:03:10

On today's episode: Investors are faced with a number of uncertainties from public health concerns to trade to central bank policy. But as the year plays out, those uncertainties could actually grow.

Feb 14, 2020
Michael Zezas: Notes from New Hampshire
00:02:24

On today's episode: With no shortage of pundits weighing in on the Democratic primaries, it’s easy for investors to lean on assumptions. But Head of Public Policy Research Michael Zezas suggests some caution.

Feb 12, 2020
Mike Wilson: Knowing Where to Look
00:04:17

On today's episode: The recent, relatively small, overall market correction masks more significant shifts between asset classes. Mike Wilson, Chief Investment Officer, on the implications for our understanding of market optimism and future growth. 

Feb 10, 2020
Andrew Sheets: Supply Also Matters
00:03:07

On today's episode, Discussions about financial markets often center on issues of demand. Andrew Sheets takes a look at the supply trends that may impact debt and equity markets globally in 2020.

Feb 07, 2020
Michael Zezas: The Limited Lives of Multiple Narratives
00:02:32

On today's episode, Recent events have added little clarity to the policy choices U.S. voters will face in the November presidential elections, but that won't last forever.

Feb 05, 2020
Mike Wilson: The Tug of War for U.S. Equites
00:03:54

On today's episode, U.S. equities face concerns over global growth—caused by the coronavirus and other catalysts—but plentiful liquidity from the Fed. Thoughts on positioning from Chief Investment Officer Mike Wilson.

Feb 04, 2020
Jonathan Garner: What Can SARS Tell Us About the Coronavirus?
00:03:11

On today's episode, To understand the impact of the Coronavirus on humanity, economics and markets, Chief Asia and Emerging Markets Equity Strategist Jonathan Garner draws parallels with the 2002 SARS outbreak.

Jan 31, 2020
Andrew Sheets: Coronavirus Affects the Narrative
00:02:29

On today's episode, Nations try to address the public health impact of the coronavirus alongside uncertainty about the global outlook for 2020. Perspective from Andrew Sheets, Chief Cross-Asset Strategist.

Jan 30, 2020
Andrew Sheets: Are More Countries Saying Deficits Don’t Matter?
00:03:36

On today's episode, Only a decade ago, market analysts and political observers were saying sovereign deficits were bad. Cross-Asset Strategist Andrew Sheets explains why that view may be changing.

Jan 29, 2020
Michael Zezas: Taxation Complicates U.S.-EU Trade
00:01:48

On today's episode, Although the U.S and China have found a way forward on trade negotiations, a clear path for U.S.-EU trade is getting slightly more complicated.

Jan 27, 2020
Andrew Sheets: As 2020 Begins, Investors Get Optimistic
00:03:25

On today's episode, Skepticism was the prevailing investor attitude for most of 2019, but what a difference a quarter can make. So what changed? Chief Cross-Asset Strategist Andrew Sheets talks changing sentiment as 2020 kicks off.

Jan 24, 2020
Michael Zezas: Do Incumbents Always Win with a Strong Economy?
00:02:04

On today's episode, How reliable is the maxim that a good economy means a presidential incumbent re-election? Head of U.S. Public Policy Michael Zezas looks at history.

Jan 22, 2020
Mike Wilson: Pressure Testing the Bull Case
00:03:59

On today's episode, Progress on trade and Brexit, upbeat sentiment and central bank support have investors optimistic on the bull case narrative. Even so, it’s worth a quick inspection for surprises.

Jan 21, 2020
Andrew Sheets: Remember Fundamentals?
00:02:40

On today's episode, Central bank support and low interest rates helped drive markets higher in 2019 despite lackluster earnings. But 2020 could remind investors why earnings trends are still what matters.

Jan 17, 2020
Michael Zezas: The Other Concern for U.S. Trade
00:02:04

On today's episode, Although negotiations are progressing for U.S-China trade, investors shouldn’t overlook possible tensions with another key trading region: The EU.

Jan 15, 2020
Jonathan Garner: An Underappreciated Turnaround Story?
00:03:19

Jonathan Garner, Chief Asia and Emerging Markets equity strategist kicks off his premiere episode with what is likely the most interesting—and overlooked—turnaround story in equity markets.


Jan 14, 2020
Mike Wilson: The Other Type of Income Inequality
00:03:53

On today's episode, Rising labor, regulatory and cyber security costs are weighing heavily on many small caps. Is corporate income inequality as urgent an issue as individual inequality?

Jan 13, 2020
Andrew Sheets: Mapping the Future of Oil Prices
00:02:44

On today's episode, Geopolitical tensions have driven oil prices—and volatility—higher. But a quick glance at 2022 oil futures prices can tell us a lot about the market’s longer-term view.

Jan 10, 2020
Michael Zezas: What’s Next on U.S.-China Trade?
00:01:57

On today's episode, As a Phase One trade deal nears completion, can investors worry less about the risks of tariff escalations? Not so fast, says head of U.S. public policy Michael Zezas.

Jan 08, 2020
Mike Wilson: Weighing Fed Intervention, Geopolitics
00:03:42

On today's episode, As 2020 begins, central bank moves and reawakened geopolitical risk promise to be key market catalysts. Chief Investment Officer Mike Wilson details the potential impact on portfolios.

Jan 07, 2020
Andrew Sheets: A New Chapter for the United Kingdom
00:03:14

On today's episode, For three and a half years, Brexit has been a source of uncertainty for the United Kingdom and its markets. Now, with some business uncertainty reduced, a new narrative may be emerging.

Jan 03, 2020
Mike Wilson: 2020 and the Return to Reflation
00:04:22

On today's episode, why escalating labor costs, deglobalization and central bank policies may mean positioning portfolios toward stocks that benefit from rising inflation.

Dec 23, 2019
Andrew Sheets: 3 Lessons from 2019… for 2020
00:03:45

On today's episode, What important factors from 2019 could give investors context on the investing climate ahead? Consider valuations, policy and inflation.

Dec 20, 2019
Michael Zezas: Markets Mull the “Phase One” Deal
00:02:15

On today's episode, What will the U.S-China “Phase One” trade deal mean for the global economy, corporate confidence and markets? Head of U.S. Public Policy Michael Zezas weighs in.

Dec 18, 2019
Mike Wilson: A Trifecta of Positive Catalysts
00:03:41

On today's episode, A dovish Fed, progress on trade and a path toward a potentially orderly Brexit are driving global equities higher but how much of the global recovery is already priced?

Dec 16, 2019
Andrew Sheets: 2020 Playbook: Analyzing the Bull Case
00:02:51

In this special two part bull/bear series, Chief Cross-Asset Strategist Andrew Sheets shares insight on the catalysts that could drive strong market returns in 2020.

Dec 13, 2019
Special Episode: Manufacturing Data Sends an Upbeat Signal
00:02:35

On this episode with special guest Chetan Ahya, the firm’s Chief Global Economist, Trade tensions have put a damper on global manufacturing, but is the tide poised to turn after the first broad-based sentiment uptick in seven months?

Dec 12, 2019
Michael Zezas: U.S.-China Trade: What Happens in 2020?
00:02:03

On today's episode, Although some reports have suggested progress on a phase one deal, markets are still seeking a clear signal forward on trade—and that means tackling the more difficult phase two deal.

Dec 11, 2019
Mike Wilson: The Virtuous Circle of Excess Liquidity
00:04:11

On today's episode, Central banks seem likely to continue their balance sheet expansion into next year, driving lower volatility, more cash into equities… and some great expectations.

Dec 09, 2019
Andrew Sheets: 2020 Playbook: Analyzing the Bear Case
00:02:56

In this special two part bull/bear series, Chief Cross-Asset Strategist Andrew Sheets shares insight on the catalysts that could hamper market returns in 2020.

Dec 06, 2019
Michael Zezas: How Do Close U.S. Elections Affect Markets?
00:01:53

On today's episode, On average, election-year market performance varies by about 9% for elections that are narrow contests vs. elections with a clear frontrunner. So how could 2020 pan out?

Dec 04, 2019
Mike Wilson: A Volatility Reprieve
00:04:07

On today's episode, Whether it's called quantitative easing or not, the recent expansion in central bank balance sheets is having a profound impact on volatility - Chief Investment Officer Mike Wilson explains why.

Dec 02, 2019
Michael Zezas: Optimism Over the U.S.-EU Auto Tariffs?
00:01:54

On today's episode, With a key deadline for U.S. tariffs on EU autos now past, could European stocks outperform in 2020? Head of Public Policy Michael Zezas shares some analysis.

Nov 27, 2019
Mike Wilson: Global Reflation: To Be or Not to Be?
00:04:32

On this episode, Chief Investment Officer Mike Wilson explains why global reflation may be back—and could be a powerful longer-term theme for portfolio allocations.

Nov 25, 2019
Andrew Sheets: Commodities Outlook 2020: Too Much of Everything?
00:02:36

On this episode, Chief Cross-Asset Strategist Andrew Sheets says oversupply may spell headwinds for commodities in 2020 but there are exceptions.

Nov 22, 2019
Michael Zezas: The 2020 Election: 4 Sectors to Watch
00:02:13

On this episode, Head of Public Policy Michael Zezas says performance in four key sectors could be a bellwether for how investors view the outcome of next year’s elections.

Nov 20, 2019
Andrew Sheets: As Global Growth Improves, What to Watch
00:03:20

On this episode, Chief Cross-Asset Strategist Andrew Sheets says global growth should pick up in 2020, but unevenly. The key for investors will be identifying the right opportunities.

Nov 18, 2019
Andrew Sheets: Will Markets See End-of-Year Holiday Cheer?
00:02:46

On this episode, Chief Cross-Asset Strategist Andrew Sheets analyzes the historical phenomenon of the “end-of-year equities rally.” Will 2019 follow suit?

Nov 15, 2019
Michael Zezas: The Power of Unified Government
00:02:32

On this episode, Head of U.S. Public Policy Michael Zezas says a potential boost to the U.S. economy has less to do with political parties than it does a unified policy vision.

Nov 13, 2019
Mike Wilson: The Return of the Secular Bull Market?
00:03:56

On this episode, Chief Investment Officer Mike Wilson shares three reasons why equities markets have rallied over the past few months… and where they could go from here.

Nov 11, 2019
Andrew Sheets: A Tough Road Ahead for the 60/40 Portfolio?
00:03:42

On this episode, Chief-Cross Asset Strategist Andrew Sheets continues his discussion on the 10-year outlook for the U.S. and Europe—and identifies the challenges ahead.

Nov 08, 2019
Michael Zezas: The 2020 Election Outlook for Investors
00:02:23

On this episode, Head of U.S. Public Policy Michael Zezas says one thing has become clear as we approach 2020: Investors need to plan today for market reactions next year.

Nov 07, 2019
Special Episode: Weighing a Global Growth Recovery
00:02:32

On this episode, special guest Chetan Ahya, the firm’s Chief Global Economist, says a global growth recovery could be possible in 2020… assuming two key forces align.

Nov 07, 2019
Mike Wilson: Amid New Highs, Uncertainty Remains
00:03:45

On this episode, Chief Investment Officer Mike Wilson says the jury may be out on whether we’re at a trough for the U.S. economy, but two international markets may hold promise for investors.

Nov 04, 2019
Andrew Sheets: The Cost of Easy Policy: A 10 Year Outlook
00:03:29

On today's episode, Chief Cross-Asset Strategist Andrew Sheets takes a look at expected market returns over the next decade and explains how current policy affects future returns.

Nov 01, 2019
Michael Zezas: How Do Markets View Major Policy Proposals? (Replay)
00:02:02

On today's episode, Head of U.S. Public Policy Michael Zezas takes a look at transformative policy proposals by 2020 Presidential candidates. How could big policies like Medicare-for-All reshape markets?

Oct 30, 2019
Mike Wilson: Are U.S. Equities Defying Gravity?
00:03:28

On today’s episode, a curious paradox: Although major indices are making new highs, many defensive stocks are leading the pack. Chief Investment Officer Mike Wilson explains why.

Oct 28, 2019
Andrew Sheets: Can Sentiment Alone Drive Markets Higher?
00:03:10

On today's episode, Optimism in markets has risen significantly over the past three weeks. But Chief-Across Asset Strategist Andrew Sheets asks, “Is optimism enough?”

Oct 25, 2019
Michael Zezas: Could “Phase One” Be the Turning Point?
00:01:56

On this episode, Head of U.S. Public Policy Michael Zezas explains why a global growth rebound could largely hinge on trade negotiations ahead of the December 15th tariffs.

Oct 23, 2019
Mike Wilson: 5 Pockets of Opportunity for Equities Investors
00:03:42

On today's episode, Chief Investment Officer Mike Wilson says investors may want to steer clear of expensive growth stocks in favor of some defensive and cheaper-priced stocks.

Oct 21, 2019
Andrew Sheets: One Market We Feel Good About
00:02:42

On today’s episode, Chief Cross Asset Strategist Andrew Sheets highlights the one market in which the currency, government bonds and equities may all be solid defensive plays.

Oct 18, 2019
Michael Zezas: A “Durable Pause” on U.S.-China Trade Tensions?
00:02:04

On today’s episode, Head of Public Policy Michael Zezas says unlike prior tariff pauses, the “phase one” agreement could have durability. However, much uncertainty remains.

Oct 16, 2019
Mike Wilson: How Will the “Phase One” Trade Deal Impact Earnings?
00:03:48

On today's episode, Chief Investment Officer Mike Wilson says the U.S.-China trade deal is a step in the right direction, but the real story is still the corporate profits outlook.

Oct 14, 2019
Andrew Sheets: Is the Dollar Losing It’s Safe Haven Status?
00:02:38

On today's episode, Chief Cross-Asset Strategist Andrew Sheets explains how three of the dollar’s most attractive qualities could be shifting right before our eyes.

Oct 11, 2019
Michael Zezas: The Key Variable in U.S.-China Trade Talks
00:02:01

On today's episode, Head of U.S. Public Policy Michael Zezas says when it comes to trade, movement toward a meaningful compromise will likely come down to one fundamental variable.

Oct 09, 2019
Mike Wilson: An Unsatisfying Market for Bulls and Bears?
00:03:31

On today’s episode, Chief Investment Officer Mike Wilson says both bulls and bears were likely a bit frustrated trying to trade last week's sell-off and rally. So what’s the next move for investors?

Oct 07, 2019
Andrew Sheets: The 3 Most Powerful Market Indicators?
00:03:04

On today's episode, Chief Cross-Asset Strategist Andrew Sheets says despite the myriad models used to assess the direction of markets, three simple indicators may be the most valuable.

Oct 04, 2019
Michael Zezas: U.S.-China Trade: The Outlook for Fall
00:02:11

On today's episode, A number of trade-related events on the fall calendar could mean progress—or an escalation—on the trade impasse. Head of U.S. Public Policy Michael Zezas provides an overview.

Oct 02, 2019
Special Series: U.S. Housing Faces a Generational Turning Point
00:03:23

On this special episode, Equity Analyst Richard Hill examines the coming seismic shift for investors as Baby Boomers pass the housing baton to Millennials and Generation Z.

Oct 01, 2019
Mike Wilson: Are Markets Rethinking Pricey Growth Stocks?
00:03:10

On today’s episode, Chief Investment Officer Mike Wilson explains why markets may be having a change of heart on expensive—and sometimes unprofitable—growth stocks.

Sep 30, 2019
Andrew Sheets: A Tale of Two Oil Price Spikes
00:02:58

On today’s podcast, Chief Cross-Asset Strategist Andrew Sheets says oil prices tend to spike for two very different reasons and the distinction for investors is quite important.

Sep 27, 2019
Michael Zezas: How Do Markets View Major Policy Proposals?
00:01:57

On today's episode, Head of U.S. Public Policy Michael Zezas takes a look at transformative policy proposals by 2020 Presidential candidates. How could big policies like Medicare-for-All reshape markets?

Sep 25, 2019
Special Series: Is NextGen Reinventing the Banking Experience?
00:04:34

On this special episode, Betsy Graseck, global head of banking research, explains how Millennials and Gen Z are reshaping the financial industry in their tech-savvy, mobile-first image.

Sep 24, 2019
Mike Wilson: Looking Toward Q3 Earnings
00:03:28

On today’s podcast, investors are watching for progress on trade and signs of future Fed policy. But according to Chief Investment Officer Mike Wilson, it still comes down to Q3 earnings season.

Sep 23, 2019
Andrew Sheets: Are Lower Interest Rates Always Beneficial?
00:02:44

On today's episode, Chief Cross-Asset Strategist Andrew Sheets says although lower interest rates help boost economic activity, the full impact is more complicated.

Sep 20, 2019
Michael Zezas: Investors Look for Progress on U.S-China Trade
00:02:45

On today’s podcast, Head of U.S. Public Policy Michael Zezas says a potential improvement in some key U.S. economic indicators will need real progress on trade—not just headlines.

Sep 18, 2019
Special Series: Which Way is U.S. Spending Trending?
00:02:33

Which generations spend more: Boomers or Millennials/Gen Z? On this special episode, equity analyst Lauren Cassel takes a look at which sectors stand to gain in the years ahead.

Sep 17, 2019
Mike Wilson: Value Stocks Have Their Moment
00:03:10

On today’s podcast, Chief Investment Officer Mike Wilson dives into last week’s historic reversal between value and growth stocks. Can the value rally last?

Sep 16, 2019
Andrew Sheets: Is There a Downside to Cutting Interest Rates?
00:02:48

On today’s podcast, Chief Cross-Asset Strategist Andrew Sheets asks the timely question, “If lower interest rates stimulate growth, why wouldn’t central banks lower them?”

Sep 13, 2019
Special Series: From Baby Boom to Youth Boom
00:04:20

Is America’s next heyday ahead? On this special episode, Chief U.S. Economist Ellen Zentner explains why America’s youth may be set to power U.S. GDP in the coming years.

Sep 10, 2019
Mike Wilson: Home on the Range Bound?
00:02:48

On today's podcast, Investors may be feeling some déjà vu as upbeat news on trade drives a new rally. Could markets break out this time or is another correction ahead? Analysis from Chief Investment Officer Mike Wilson.

Sep 09, 2019
Andrew Sheets: What Happens When the Price Isn’t Right?
00:03:11

On today’s podcast, Chief Cross-Asset Strategist Andrew Sheets says as global growth weakens, investors tend to focus on the most desirable companies (which are already priced to perfection). So what does that mean for returns?

Sep 06, 2019
Michael Zezas: Pondering a World of Unresolved Trade Issues
00:01:43

On today’s podcast, Head of U.S. Public Policy Michael Zezas takes a moment to consider the long-term effects regardless of whether or not the U.S. and China are unable to negotiate a meaningful trade arrangement.


Sep 04, 2019
Mike Wilson: New Data Sends Concerning Signs for U.S. Stocks
00:03:32

On today's podcast, Chief Investment Officer Mike Wilson says a popular narrative forecasted a rebound for the second half of 2019. However, new data on lower U.S. factory activity could counter that expectation.

Sep 03, 2019
Andrew Sheets: Title: Can Central Banks Cure Market Woes?
00:03:15

On today’s podcast, Chief Cross-Asset Strategist Andrew Sheets examines central bank actions to boost markets and the negative effects—intended or not—that these moves could have.

Aug 30, 2019
Michael Zezas: U.S.-China Trade and “The Prisoner’s Dilemma” (Replay)
00:02:14
Aug 28, 2019
Mike Wilson: On Recession Risks, Perspective Matters
00:03:05
Aug 26, 2019
Andrew Sheets: All Hail the U.S. Consumer?
00:03:23
Aug 23, 2019
Michael Zezas: Time to Rethink Allocations?
00:02:07
Aug 21, 2019
Mike Wilson: Back Next Week
00:00:06
Aug 19, 2019
Andrew Sheets: The Yield Curve Inverts for a Reason
00:03:13
Aug 16, 2019
Michael Zezas: The Story Behind Falling Bond Yields
00:02:06
Aug 14, 2019
Mike Wilson: Navigating the Q3 Dog Days
00:03:08
Aug 12, 2019
Andrew Sheets: Can Central Banks Keep Up with Market Expectations?
00:03:09
Aug 09, 2019
Michael Zezas: The Potential Impact of Lasting Tariffs
00:02:15
Aug 07, 2019
Mike Wilson: Markets Face a “Sell the News” Moment
00:03:57
Aug 05, 2019
Andrew Sheets: The Fed’s Great Expectations Quandary
00:03:32
Aug 02, 2019
Michael Zezas: Trade Uncertainty and Corporate Confidence
00:02:00
Jul 31, 2019
Mike Wilson: Will the Fed Surprise on a Rate Cut?
00:03:40
Jul 29, 2019
Special: Access & Opportunity Preview
00:04:44
Jul 26, 2019
Michael Zezas: The Fed Rate Cut Debate for Bond Investors
00:02:45
Jul 24, 2019
Mike Wilson: Weighing a Potential Fed Rate Cut
00:03:48
Jul 22, 2019
Andrew Sheets: 3 Consensus Views Worth Questioning
00:04:10
Jul 19, 2019
Michael Zezas: 2020 Election: How Likely Is Medicare-for-All?
00:02:11
Jul 17, 2019
Mike Wilson: For the S&P 500, Breaking Out Is Hard to Do
00:04:07
Jul 15, 2019
Andrew Sheets: A Second (and Third) Opinion for Equity Markets
00:04:14
Jul 12, 2019
Michael Zezas: Healthcare Reform - Here We Go Again?
00:02:42
Jul 10, 2019
Mike Wilson: 3 Summer Surprises Investors Could Be Missing
00:03:21
Jul 08, 2019
Andrew Sheets: A Narrow Path
00:03:32
Jul 05, 2019
Michael Zezas: How Markets View the Pause on Trade Tariffs
00:02:39
Jul 03, 2019
Mike Wilson: A G20 Trade Truce?
00:03:49
Jul 01, 2019
Andrew Sheets: What to Watch from the G20
00:03:45
Jun 28, 2019
Michael Zezas: Indirect Impacts
00:03:32
Jun 26, 2019
Mike Wilson: Are Markets Putting Stock in Trade?
00:03:25
Jun 24, 2019
Andrew Sheets: Let’s Say the Fed Cuts Rates in July…
00:03:45
Jun 21, 2019
Michael Zezas: Three Possible Trade Paths from the G20
00:02:57
Jun 19, 2019
Mike Wilson: How Confident Are U.S. Businesses in the Economy?
00:03:21
Jun 17, 2019
Andrew Sheets: The Dangers of Cheering for Weaker Data
00:03:31
Jun 14, 2019
Michael Zezas: Why ‘Slowbalization’ May Be Feeding Trade Tensions
00:03:13
Jun 12, 2019
Mike Wilson: Why Trade Tensions Are Only Part of the Story
00:03:27
Jun 10, 2019
Andrew Sheets: For Markets, Signs, Signs, Everywhere Signs
00:03:29
Jun 07, 2019
Michael Zezas: U.S.-Mexico Trade Adds to Recession Risks
00:02:00
Jun 05, 2019
Mike Wilson: U.S. Equities: How Much Correction is Ahead?
00:03:37
Jun 03, 2019
Andrew Sheets: Fed to the Rescue? Maybe Not.
00:03:37
May 31, 2019
Michael Zezas: U.S.-China Trade and “The Prisoner’s Dilemma”
00:02:15
May 29, 2019
Mike Wilson: Are U.S. Economic Indicators Flashing Yellow?
00:03:28
May 27, 2019
Thoughts On The Market Podcast Trailer
00:00:36
May 26, 2019