Podcasts about Macro

MacroVoices Erik Townsend & Patrick Ceresna welcome David Rosenberg. They discuss David Rosenberg's view that energy shocks are unlikely to drive sustained inflation without wage growth, along with the Fed regime shift and higher real yields, potential midterm gridlock and Treasury issuance as bond-market catalysts, Chinese open-source AI and housing weakness as disinflationary forces, the gold outlook, and the ROSY ETF and book news.   ✅Sign up for a FREE 14-day trial at Big Picture Trading: https://secure.bigpicturetrading.com/membership/signup/fOY4YJYX  

Betsy Graseck and Michael Cyprys explore how AI could expand advisor capacity and tokenized assets could grow into a $2.3 trillion market by 2030.Read more insights from Morgan Stanley.----- Transcript ----- Betsy Graseck: Welcome to Thoughts on the Market. I'm Betsy Graseck, Morgan Stanley's Global Head of Banks and Diversified Finance Research. Michael Cyprys: And I'm Mike Cyprys, Head of U.S. Brokers, Asset Managers, and Exchanges Research at Morgan Stanley. Betsy Graseck: Today, we're looking at the next phase of growth across asset and wealth management – and how tokenization, AI, and changing investor flows could reshape the industry. It's Thursday, October 1st at 9am in New York City. Assets under management, or AUM, are near record highs across the globe, with a lot changing beneath the surface. Now, much of the recent AUM growth has come from markets rather than from net new client flows. And meanwhile, fees do remain under pressure. At the same time, technologies like AI and tokenization are creating new opportunities for both asset and wealth managers. Our base case has tokenized real world assets growing from roughly [$]40 billion today to about [$]2.3 trillion by 2030. Mike, let's start with tokenization. What are the use cases that matter most near term? Michael Cyprys: So, as we think about it, there's a number of use cases that we see. The most compelling ones really are around cash treasuries and collateral. Take for example, earning yield. Some tokenized funds allow you to earn interest by the minute or the second that is invested rather than having to remain invested by that 4pm cutoff that is the case today. Another benefit is allowing collateral to move around a lot more easily, and this can help support a shift toward 24/7 markets. So, if securities can trade 24/7 – or derivatives – you may also need the cash leg of that transaction to keep pace. Right now, there are certain futures contracts that do trade over a weekend, but those positions do need to be pre-funded on Friday. So that's going to limit perhaps the full uptake for that of 24/7 until you can get the movement of the collateral to keep pace. And that's where tokenization can come in to help solve a real market need. There's also trapped collateral that's just sitting around the world, where institutions and corporates just keep pockets of liquidity in different places just in case they need it at a moment's notice. There's a cost to that while it sits idle. But tokenization can allow for just more just-in-time movement of money, say with tokenized deposits, tokenized money funds, or stable coins. And another use case is around investors outside the U.S. that may not have as easy access to U.S. markets. But tokenization can help lower barriers, reduce frictions, and allow for greater access to U.S. market exposure. Private markets get a lot of attention, but we think that's maybe a little bit further out. So, to put some numbers around this, today there's around [$]40 billion of tokenized real-world assets. So, think tokenized stocks, bonds, funds. In our base case, we could see that growing to about [$]2.3 trillion by 2030, with a vast majority tied to these collateral mobility and reserve and treasury management use cases. Betsy Graseck: Pulling up a notch, we are expecting assets under management to reach about [$]247 trillion by 2030. But revenue growth is expected to lag asset growth. Mike, what really separates the firms that can grow above market trends you expect? Michael Cyprys: Yeah. So, as you said, most of the growth is going to be driven by market beta, right? So, we have expectation for about 9 percent growth annually in assets under management for about $160 trillion globally today to about $250 trillion by 2030. We expect about three-quarters of that growth rate comes from market beta, which leaves you around 2.5 percent for organic asset growth. So, growing just AUM with the market is not going to really be enough to differentiate. And so, as we think about, you know, how one can differentiate? First, I think it comes down to where one is positioned across the industry. We do see flows concentrating in passive solutions and selected private markets, and the economics can be pretty different there as well. Another way to differentiate is through distribution. Wealth, retirement, model portfolios, customized solutions, all of those channels are becoming much more important. And so, you want to be closer to where that asset allocation decision is actually getting made. And another point of differentiation is around operating leverage, and that's where AI comes in, which I'm sure is a topic we're going to get to in a little bit. That we think can help allow money managers to expand research coverage, can allow salespeople to cover more clients, allow for adding more products and customization without adding necessarily a lot more people and cost at the same rate. So, look, bottom line, I'd say, we think above market growth from having the right products, the right distribution, getting them in front of the right clients, and the technology to scale that just a lot more efficiently. Betsy Graseck: And how important is that AI tool going to be, in your opinion, for separating yourself from the pack? And is it more top-line generative or cost efficiency generative? Michael Cyprys: I think it's critical. It's both. I think it changes the competitive game because a lot of the economics are very different across the businesses, right? Take passive and index investing, for example, that continues to take share. It's a low-fee business, so there scale really matters. In solutions and private markets, the revenue opportunity is better, but you need more capabilities and distribution reach. And in private markets, origination is also key, as well as distribution, right? You can have private credit or an infrastructure product out there in the marketplace. But if you can't get it into a wealth or retirement or insurance channels, then you're leaving a lot of growth on the table. And then with traditional active, performance still matters, but the wrapper is key. Distribution matters more so than ever, and active ETFs are a great example of that. Betsy Graseck: And one question on AI is: How far along do you think it is in your coverage embedded already in the workflow and the processes across your group, your asset managers? Michael Cyprys: So, we're pretty early days here. A lot of firms, already have AI tools today: RFP tools, sales tools, tools within the operational and distribution side. But saving someone, you know, 10 minutes on a task doesn't necessarily show up in the P&L, right? You need to start removing entire steps from workflows. And then using that time savings to cover more clients, to launch more products, do more research, and ultimately slow the pace of hiring. And that's where we think the industry needs to move towards, away from these, sort of, point solutions into an enterprise workflow. And that is tools that connect across the entire organization, underpinned by the same data and the same controls. And our work suggests that this could be pretty meaningful over time, perhaps up to as much as 15 points worth of operating margin improvement – for the leaders over time. But we don't assume that all falls to the bottom line. We expect it to – you know, a lot of that's going to get reinvested, and a portion probably also gets competed away. And when we look at our forecasts for the money managers we cover, I'd say we have modest improvement in operating margins over the next couple of years. And, to your point, on cost versus revenue, we may actually see it on the revenue side first, as it can help allow for more client touches, broader coverage, and faster product development. Betsy Graseck: Okay. So, or as you mentioned, early days. How do you see AI and tokenization impacting either the leverage opportunities, the operating leverage opportunities, or the revenue growth opportunities? Let's start with AI. Michael Cyprys: We think that the potential here is to really improve the capacity to serve clients. As you think about today, the time that advisors spend actually not talking to clients, right? When you think about time that they're spending on meeting prep or research, notes, follow-ups, onboarding. And that's a lot of administrative work that is wrapped up, in terms of the advisor's relationship there. And our work suggests that call it about half of that advisor time could be freed up. Then advisor capacity could increase upwards of 30 to 40 percent on our numbers, and that can also increase the quality and the experience that the clients receive. We also see a broader opportunity beyond just the advisor. As you look across the advisor team and the organization, we see an overall cost to serve to come down quite materially. And I know this is a question you didn't ask it, but that's out there. We don't see AI replacing financial advisors, particularly at the higher end, just given the importance of that trusted relationship. And if anything, the value of that advisor probably goes up, particularly just given there's so much change happening around the world every which way you look. And then you overlay that with the aging demographic trends. We actually think there could be a bull market for advice as we look ahead. And AI could be that tool to enable the industry to execute on that market opportunity set and also help expand the TAM in terms of the ability of the industry to capture that opportunity set and bring advice to more people than was ever possible before. Betsy Graseck: And this would be incremental to your growth outlook that you indicated earlier of 7 percent? Michael Cyprys: This could be incremental… Betsy Graseck: Okay! Michael Cyprys: ... to that opportunity potentially over time. Betsy Graseck: Anything on tokenization that is an opportunity for wealth managers? Michael Cyprys: Oh, absolutely. And I think that we're really, really early days; just scratching the surface on this in tokenization and wealth. You know, I think one way to frame tokenization and wealth is it could just make the client balance sheet that much more productive. And this creates some risk as we talk about in the report for the traditional wealth model with respect to sweep cash and the monetization of that, right? If clients hold less idle cash, that could put some pressure on deposit and sweep economics. But that could also be offset by new lending opportunities at the same time. So, wealth firms need to be able to support tokenized assets and lending capabilities without losing that client relationship to someone else's platform. And that's why longer term, the wallet or the client interface becomes pretty important – because that's where the investments, cash borrowing, payments, all of that comes together. Betsy Graseck: And all of this happening right ahead of Nasdaq and NYSE's December 6th, a big event. Michael Cyprys: That's right. U.S. equity markets are going 23/5 on December 6th. Betsy Graseck: Meaning that the only hours they will be closed every day are between... Michael Cyprys: 8 and 9pm. Betsy Graseck: And that's on a pathway to 24/7 ultimately, you believe? Michael Cyprys: That's our expectation, as you have other disruptors around the world that are looking to provide retail with access to 24/7 markets. Betsy Graseck: Exciting times, Mike. As you indicated in the beginning, we have 79 percent growth with AI and tokenization potentially amping that up ahead of a pathway to a 24/7 market. Michael Cyprys: Indeed. Betsy Graseck: Thank you so much for joining us here on Thoughts on the Market, Mike. Michael Cyprys: It's been great speaking with you, Betsy. Betsy Graseck: And thank you for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen, and share the podcast with a friend or colleague today.

Grace Remington and Sean Hagan break down #bullmarket, #globaleconomy, and #etf on #BitcoinMagazine TV (BMTV). Live Monday through Friday at 9:30am ET. Guests: 1. Darius Dale - 42 Macro 2. Anthony Basilli - Coinbase 3. Nico Lechuga - Ego Death Capital and more! To learn more and get the latest news on BMTV, visit: www.watchbmtv.com Thank you to our BMTV Founding Sponsors!

As investors look toward the U.S. midterm elections, the biggest question is what could change. Our Head of U.S. Public Policy Research Ariana Salvatore outlines the signals worth watching. Read more insights from Morgan Stanley.----- Transcript ----- Ariana Salvatore: Welcome to Thoughts on the Market. I'm Ariana Salvatore, Head of U.S. Public Policy Research at Morgan Stanley. Today, I'll be talking about the upcoming 2026 midterm elections. It's Wednesday, September 30th, at 10am in New York. As the elections inch closer, investors are increasingly asking about potential ramifications. We just put out a deep dive covering our expectations, and we arrive at four key takeaways. The first, midterms are unlikely to change the core executive-led policy agenda. As we've been noting for some time, a lot of the policy uncertainty that markets have dealt with since the beginning of 2025 has actually come from the executive branch rather than Congress. Tariffs, trade policy, deregulation, immigration, and export controls are all variables that are going to remain within the White House's authority. So even if control of Congress changes, we don't think investors should assume that those parts of the policy agenda simply go away. Where Congress actually matters more is on fiscal policy. But even there, the range of outcomes is relatively narrow. The main differences revolve around the timing of scheduled SNAP and Medicaid cuts, defense spending, and how future government funding and debt limit negotiations evolve. So, that's our first takeaway. Midterms can change the mechanics of governing, but probably not the broader direction of the executive agenda. That means policy uncertainty, at least across those vectors I mentioned, is likely to stay high. Takeaway number two, we'd be careful about treating the midterms as a direct signal for the 2028 presidential election. Historically, what we see is the issues that dominate a midterm don't necessarily translate to the next presidential race. Looking at the six midterm-to-presidential cycles since 1994, the top-ranked issue changed in five of them. And the issue that ultimately proved decisive in the presidential election was actually already visible at the midterm in only two of the six cases. What elections can tell us, however, is where some of the policy fault lines are beginning to form. We're watching four debates in particular in that context: the fiscal and Social Security debate, individual tax landscape, restrictions on data center development, and healthcare. In our view, across those variables, the useful signal isn't simply which party wins more seats. It's which versions of these policies are beginning to gain traction with voters and within the parties themselves. That actually brings us to takeaway number three. AI is one area where the midterms could matter, but mainly through data center policy rather than broad AI regulation. We think it's important to separate those two issues. So first, on data centers, we do see midterms as a catalyst. And that's because many of the most important policy levers sit at the state and local level: permitting, siting, grid interconnection, large load electricity rates, and tax incentives. So that means that the governorships, utility commissions, and state legislatures can actually have a much more immediate effect on the pace and the location of the build-out than Congress itself. In that vein, our base case remains a conditional build-out, meaning the expected level of AI CapEx can continue. But likely it's going to increasingly concentrate in locations where developers can address concerns around things like electricity costs, infrastructure, water, and community impacts. Broader AI safety regulation is different. Here, we think government configuration actually matters less, and that's because we see comprehensive federal legislation as pretty unlikely in the near term, absent a high salience event or incident. So congressional control is not necessarily the key driver. And finally, takeaway number four: for markets, we see more micro implications than macro ones. For equities, the composition and cohesion of the congressional majority can matter for individual sectors. Congress that's able to negotiate changes to scheduled SNAP or Medicaid cuts, for example, could have implications for consumer and healthcare companies. AI related sectors could also respond to changes in expectations and sentiment pertaining to data center restrictions. For rates, the key question is whether the election produces fiscal outcomes that materially change expected deficits. United Republican control would be the only outcome preserving reconciliation as a potential vehicle. Divided government, conversely, would narrow the scope for new legislation and put more emphasis on funding and debt limit negotiations. And for the dollar, our strategists see the transmission mechanism running primarily through U.S. yields and the growth outlook rather than the election itself. So, bottom line, we don't think the 2026 midterms are likely to produce a wholesale change in the policy or macro backdrop. But there will be important lessons to pick up along the way. Thanks for listening. If you enjoy the show, please leave us a review wherever you listen. And share Thoughts on the Market with a friend or colleague today.

JJ Redick said two players were somewhat limited in the first day of training camp. Anthony makes a couple jokes about it and the guys do some digging to find out if the jokes were true.

Is something big happening in debt markets? Seb Morton-Clark talks to Fidelity International's Global Head of Macro and Strategic Asset Allocation Salman Ahmed about the future of government debt burdens and how they might be paid off.Credits Producers: Patrick Graham, Holli Eastman, Rachel Reed Studio: Adam Sheldrake, Pete Rees Editor: Connor BaillieSee omnystudio.com/listener for privacy information.

Worries about public debt have come back to haunt markets, along with a new stream of issuance from the tech companies spending billions on AI. Yet with yields higher than they've been in years, at some point they should appeal to investors who want stable solid returns. Seb Morton-Clark asks fixed income portfolio managers James Durance and Tim Foster how much longer we should fear the longer end of the bond curve. With contributions from Fidelity International's Global Head of Macro and Strategic Asset Allocation Salman Ahmed and Analyst Sukhy Kaur.Credits Producers: Patrick Graham, Holli Eastman, Rachel Reed Studio: Adam Sheldrake, Pete Rees Editor: Connor BaillieSee omnystudio.com/listener for privacy information.

Is something big happening in debt markets? Seb Morton-Clark talks to Fidelity International's Global Head of Macro and Strategic Asset Allocation Salman Ahmed about the future of government debt burdens and how they might be paid off.Credits Producers: Patrick Graham, Holli Eastman, Rachel Reed Studio: Adam Sheldrake, Pete Rees Editor: Connor BaillieSee omnystudio.com/listener for privacy information.

Worries about public debt have come back to haunt markets, along with a new stream of issuance from the tech companies spending billions on AI. Yet with yields higher than they've been in years, at some point they should appeal to investors who want stable solid returns. Seb Morton-Clark asks fixed income portfolio managers James Durance and Tim Foster how much longer we should fear the longer end of the bond curve. With contributions from Fidelity International's Global Head of Macro and Strategic Asset Allocation Salman Ahmed and Analyst Sukhy Kaur.Credits Producers: Patrick Graham, Holli Eastman, Rachel Reed Studio: Adam Sheldrake, Pete Rees Editor: Connor BaillieSee omnystudio.com/listener for privacy information.

Crypto is acting like a bull market even as macro risks keep building. Mike and Ryan break down why Bitcoin and altcoins are shrugging off rising yields, rate-hike fears, and oil volatility, what the market reset is signaling, and why Mike still believes crypto is early in a new cycle. They also cover the risks that could finally challenge that view.----

El dólar más fuerte, menos paro en Alemania, PIB de Reino Unido, petrróleo y oro...Lo analizamos con Diego Barnuevo, analista de Ebury.

Vivid Money begon in 2020 als neobank voor consumenten, maar al snel werd de ommezwaai gemaakt naar het bedienen van mkb'ers en freelancers met rekeningen, betaalkaarten én beleggingen die passen bij ondernemers. Inmiddels zijn er meer dan 100.000 mkb'ers aangesloten op het platform in heel Europa. Maar is dat genoeg om reuzen als Revolut te lijf te gaan, die ook tienduizenden zo niet honderdduizenden klanten willen gaan werven in Nederland? Esmond Berkhout, topman van Vivid Money Nederland, is te gast in BNR Zakendoen. Macro met Mujagić Elke dag een intrigerende gedachtewisseling over de stand van de macro-economie. Op maandag en vrijdag gaat presentator Thomas van Zijl in gesprek met econoom Arnoud Boot, de rest van de week praat Van Zijl met econoom Edin Mujagić. Ook altijd terug te vinden als je een aflevering gemist hebt. Blik op de wereld Wat speelt zich vandaag af op het wereldtoneel? Het laatste nieuws uit bijvoorbeeld Oekraïne, het Midden-Oosten, de Verenigde Staten of Brussel hoor je iedere werkdag om 12.10 van onze vaste experts en eigen redacteuren en verslaggevers. Ook los te vinden als podcast. Lobbypanel De Algemene Financiële Beschouwingen zijn met een minderheidskabinet spannender dan gebruikelijk. En: grote gemeentes zien betaald parkeren steeds meer als lucratief middel om geld binnen te halen. Dat en meer bespreekt presentator Thomas van Zijl vanaf 11.00 in het lobbypanel met: Marja Ruigrok, Wethouder Economische Zaken, Luchthavenzaken en Mobiliteit in Haarlemmermeer en Frits Huffnagel, oprichter van communicatiebureau Castro. Luister l Lobbypanel Zakenlunch Elke dag, tijdens de lunch, geniet je mee van het laatste zakelijke nieuws, actuele informatie over de financiële markten en ander economische actualiteiten. Op een ontspannen manier word je als luisteraar bijgepraat over alles wat er speelt in de wereld van het bedrijfsleven en de beurs. En altijd terug te vinden als podcast, mocht je de lunch gemist hebben. Contact & Abonneren BNR Zakendoen zendt elke werkdag live uit van 11:00 tot 13:30 uur. Je kunt de redactie bereiken via e-mail. Abonneren op de podcast van BNR Zakendoen kan via bnr.nl/zakendoen, of via Apple Podcast en Spotify. See omnystudio.com/listener for privacy information.

Our China Industrials Analyst Sheng Zhong explains how AI, robotics and a major investment cycle could transform China's manufacturing base and its role in global supply chains.Read more insights from Morgan Stanley.----- Transcript -----Sheng Zhong: Welcome to Thoughts on the Market. I'm Sheng Zhong, Morgan Stanley's China Industrials analyst. Today – how AI and automation are transforming China's factories, and what that could mean for global manufacturing. It's Tuesday, September 29th, at 3 PM in Hong Kong.For decades, Made in China has been shorthand for scale, speed, and low-cost manufacturing. Now the story is shifting toward something more ambitious: using technology, productivity, and industrial know-how to shape not just what gets made, but how it gets made. We call this transition Industry 5.0. Industry 4.0 was about connecting machines and digitizing production. Industry 5.0 goes a step further, using AI to improve how factories schedule production, manage quality, and maintain equipment. China is starting from a position of enormous scale. It represents roughly 28 percent of global manufacturing value-added and covers all 666 industrial subcategories defined by the United Nations. There are already more than 30,000 basic-level smart factories and more than 100 million connected industrial devices. That industrial base also gives China a strong platform for robotics. Traditional industrial robots generally perform fixed tasks. Embodied AI could make machines more flexible, allowing them to gain new capabilities through software and updated models. That could effectively turn some physical labor into software-upgradable capital. And the numbers give you a sense of how quickly this could scale. China could go from selling about 8 million robots a year in 2025 to 29 million in 2030, and 76 million by 2035. That's roughly a ninefold increase in annual sales in just a decade. Scaling robotics and AI across such a large manufacturing base will require a lot of capital. We estimate Industry 5.0 could generate about $12 trillion USD of incremental industrial investment in China from 2026 through 2035. Around $5.5 trillion USD would go toward factory upgrades, including robotics, smart equipment, and software, while roughly $6 trillion USD would support new industrial capacity. But that investment cycle is likely to build gradually. We expect industrial capex growth of about 4 to 5 percent annually in 2026 and 2027, before accelerating toward 6 to 7 percent from 2028 as excess capacity is absorbed, technology bottlenecks ease, and AI adoption broadens across factories. If that investment translates into higher productivity, the economic impact could be meaningful. By 2035, China's industrial profit margin could rise to 8 percent from roughly 5 today. Industry 5.0 could lift China's potential GDP level by around 3.5 percent, helping cushion some of the drag from an aging population. And China's share of global manufacturing value-added could increase from about 28 percent to 30 percent. And those changes would not stop at China's borders. Final assembly can shift to new locations, but the supplier networks, machinery and production know-how behind it are much harder to replicate. We estimate only around 40 percent of China-to-U.S. exports can be readily substituted. That means China's role may increasingly extend beyond exporting finished goods to supplying the equipment, components and industrial systems used to make them elsewhere. That is the move from Made in China toward Made by China. Thanks for listening. If you enjoy the show, please leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.

In this week's Market Signals, Head of Macro and Investment Strategy Kristian Kerr and Chief Equity Strategist Jeffrey Buchbinder examine what's shaping today's market, from higher yields and geopolitical tensions to artificial intelligence developments. Tracking: #1183677

William Blair macro analyst Richard de Chazal explains why investors may need to adjust to a world of structurally higher inflation, interest rates, and bond yields rather than expect a return to the economic conditions that defined the 2000-2020 period. He also examines how AI-driven productivity gains, capital investment trends, and Federal Reserve policy could shape markets and economic growth in the years ahead.

"The market is holding its breath for Micron (MU)," says Jeffrey Small, noting it and several macro indicators keeping investors on edge. One of those macro headwinds includes higher interest rates and tentative impacts to earnings growth. Jeffrey talks about stocks he sees weathering the volatility, pointing to Nvidia (NVDA) as a long-standing opportunity, along with power companies like GE Vernova (GEV) and Constellation Energy (CEG). ======== Schwab Network ========Empowering every investor and trader, every market day.Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

Miramos a la macro del día y echamos también un vistazo al mercado de divisas. Con Luciana Taft, analista de Afi

Voor een reis die anders is dan moet je bij de Vereniging van Kleinschalige Reisorganisaties zijn. Van specifieke Egyptereizen tot meditatietrips: er is voor ieder wat wils. Maar hoe boksen kleinere reisorganisaties op tegen AI agents, en wat als er tijdens een reis ineens oorlog uitbreekt? En boekt iedereen straks dezelfde trip door TikTok en Instagram? Kim Nooyens, voorzitter van de Vereniging van Kleinschalige Reisorganisaties is te gast in BNR Zakendoen. Macro met Boot Elke dag een intrigerende gedachtewisseling over de stand van de macro-economie. Op dinsdag en vrijdag gaat presentator Thomas van Zijl in gesprek met econoom Arnoud Boot, de rest van de week praat Van Zijl met econoom Edin Mujagić. Ook altijd terug te vinden als je een aflevering gemist hebt. Blik op de wereld Wat speelt zich vandaag af op het wereldtoneel? Het laatste nieuws uit bijvoorbeeld Oekraïne, het Midden-Oosten, de Verenigde Staten of Brussel hoor je iedere werkdag om 12.10 van onze vaste experts en eigen redacteuren en verslaggevers. Ook los te vinden als podcast. Beleggerspanel De Japanse techinvesteerder SoftBank blijft miljarden steken in OpenAI. En: handelshuizen zoals Flow Traders zijn de dupe van een gebrek aan beursvolatiliteit. Dat en meer bespreekt presentator Thomas van Zijl in het beleggerspanel met: Lodewijk van der Kroft, partner bij beleggingsondernemingComgest Simon van Veen, fondsmanager van het Sustainable Dividend Value Fund. Luister | Beleggerspanel Zakenlunch Elke dag, tijdens de lunch, geniet je mee van het laatste zakelijke nieuws, actuele informatie over de financiële markten en ander economische actualiteiten. Op een ontspannen manier word je als luisteraar bijgepraat over alles wat er speelt in de wereld van het bedrijfsleven en de beurs. En altijd terug te vinden als podcast, mocht je de lunch gemist hebben. Contact & Abonneren BNR Zakendoen zendt elke werkdag live uit van 11:00 tot 13:30 uur. Je kunt de redactie bereiken via e-mail. Abonneren op de podcast van BNR Zakendoen kan via bnr.nl/zakendoen, of via Apple Podcast en Spotify. See omnystudio.com/listener for privacy information.

Canela Amarela Podcast - Café: Cenário de Mercado — do Macro Global ao Micro Brasil

Fewer companies have been driving equity market gains in 2026. Our CIO and Chief U.S. Equity Strategist Mike Wilson looks at what investors should make of the narrowing rally as the year enters its final stretch. 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 on the podcast I'll be discussing the Market's Bad Breadth.It's Monday, September 28th at 11:30 am in New York. So, let's get after it.The market is up this year. That's the good news. But over the last six weeks, I've been watching something that's giving me pause. This rally has been carried by a shrinking group of stocks.More than half of the Russell 3000 is at least 20 percent below its June highs and the S&P 500 forward multiple has fallen to 19 times, close to a new low for the year. Meanwhile, earnings growth is still running in the mid-teens for the median stock and revisions breadth is approaching cycle highs for the S&P 500. That is not complacency. It is a market that has already done a lot of work to price higher energy costs, a tighter Fed, AI disruption, questions around returns on capital, and geopolitical risk. Last week on the podcast, I noted that this is classic mid-cycle behavior. Earnings are absorbing lower valuations, and quality is taking the baton from the early-cycle winners. Groups that have led powerfully from the rolling-recession trough have been among the weakest areas recently: Autos, Semis, and short-cycle Industrials. That is what tends to happen when the cycle matures and the Fed turns less friendly. The market stops paying for high beta. And starts rewarding free cash flow, stable margins, operating efficiency, and earnings that are still being revised higher. That is why I continue to favor large-cap quality, particularly asset-light, services-oriented, and fee-based businesses.Having said that, there is still one problem to resolve. Breadth improved through most of the summer even as crude and yields moved higher. The deterioration came after Jackson Hole. That's when markets began discounting a more hawkish Fed reaction function. The percentage of S&P 500 stocks above their 200-day moving average fell from roughly 75 percent to below 50 percent, while the index held up much better. That divergence cannot persist forever. Either breadth catches up to price, or the index comes down to meet breadth. If bond volatility does not settle down soon, it could spill over into equity vol and we would see the S&P 500 price come down about 5 or 10 percent. Frankly, I would welcome it. A final index-level correction is often how a multi-month correction beneath the surface ends.There has been a lot of focus on the Fed's recent pivot to rate hikes. However, the two-year yield is already above the level implied by the Fed's projections. To me this suggests the bond market has been leaning too hawkish in the near term. The bigger uncertainty is how the new Fed Chairman approaches liquidity and the balance sheet. He is more of a monetarist than his predecessors, and markets are still trying to understand what that means in practice. My expectation is that the Fed ultimately provides liquidity if financial conditions tighten too far. But markets may test that resolve first. Bond volatility, funding stress, and whether equity volatility follows are the key signals. If those pressures ease, breadth can catch up and drive the market higher. If they do not, the index probably has more correcting to do.There is also a new, constructive story developing for investors: AI adoption is moving from promise to practice. Companies with higher AI adoption are seeing stronger margins and earnings trends, but consensus still assumes many of those benefits fade in the out-years. We think that's too conservative. Productivity gains tend to compound, not immediately disappear. Earnings momentum is broadening from enablers to adopters, while adopter valuations have reset to more attractive levels. That supports a barbell approach – own select enablers where earnings durability justifies the premium, but increasingly own adopters where improving fundamentals are not yet fully reflected in expectations.Bottom line, the market is not ignoring risk. It has priced the risks through lower valuations, weaker breadth, and major leadership rotations. What remains unresolved is the gap between a resilient index and a much weaker average stock. The answer is that we probably see breadth improve and the index level come in before a surge to new all time highs. That's why, I still want to overweight large-cap quality, but use October weakness to add to riskier stocks. The market may need one more uncomfortable adjustment. But that may be exactly what sets up a stronger finish to the year. I will be here to guide you. Thanks for tuning in; I hope you found it informative and useful. Let us know what you think by leaving us a review. And if you find Thoughts on the Market worthwhile, tell a friend or colleague to try it out!

Renaissance Macro Head of Economic Research Neil Dutta shares his outlook for inflation, the Fed and yields. Then, D.A. Davidson analyst Gil Luria discusses Nvidia's new AI safety software as the stock jumps today. Plus, we bring you the details of SpaceX's historic Starship launch this morning.Squawk on the Street Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Grace Remington and Sean Hagan break down #BTC Macro, #Curerncy, #debasement, #hunterbiden on #BitcoinMagazine TV (BMTV). Live Monday through Friday at 9:30am ET. Guests: - Hunter Biden — Founder, $LAPTOP - AJ Scaramucci - Solari Capital - André Dragosch— Bitwise and more! To learn more and get the latest news on BMTV, visit: www.watchbmtv.com Thank you to our BMTV Founding Sponsors!

Miftah Ismail is a Pakistani political economist who served as the Federal Minister of Finance from April 2022 to September 2022.The Pakistan Experience is an independently produced podcast looking to tell stories about Pakistan through conversations. Please consider supporting us on Patreon:https://www.patreon.com/thepakistanexperienceTo support the channel:Jazzcash/Easypaisa - 0325 -2982912Patreon.com/thepakistanexperienceAnd Please stay in touch:https://twitter.com/ThePakistanExp1https://www.facebook.com/thepakistanexperiencehttps://instagram.com/thepakistanexpeperienceThe podcast is hosted by comedian and writer, Shehzad Ghias Shaikh. Shehzad is a Fulbright scholar with a Masters in Theatre from Brooklyn College. He is also one of the foremost Stand-up comedians in Pakistan and frequently writes for numerous publications. Instagram.com/shehzadghiasshaikhFacebook.com/Shehzadghias/Twitter.com/shehzad89Join this channel to get access to perks:https://www.youtube.com/channel/UC44l9XMwecN5nSgIF2Dvivg/joinChapters:0:00 Introduction1:20 Macro-economic stability and anti-poor budget4:26 Why should the GDP growth number matter to the people8:30 Inflation and reimagining the economy16:36 NFC Award36:01 Local Governments and the Establishment41:21 PSDP and the Defense budget50:09 System hee masla hay54:53 Karachi1:01:06 Ethnic Politics and Elite Capture1:13:30 Are Shahbaz Sharif's days numbered?1:22:42 Audience Questions

The US economy is running hot, with the latest indicators pointing to 5% GDP growth, ahead of market forecasts for third-quarter growth of 2.8%. This comes despite high oil prices and rising inflation and has implications for the US dollar and the prospects of the US being able to grow out of its debt problem. Investec Focus Radio SA

De bibliotheek is al lang niet meer alleen een plek waar je boeken kunt lenen. Toch vormen boeken nog altijd de basis van deze maatschappelijke ontmoetingsplek. Wat schuilt er eigenlijk allemaal achter de wereld van de bibliotheken? Hoe wordt er nagedacht over het aanbod en de samenstelling van de collecties? De stichting NBD Biblion beheert de collectie van honderden bibliotheken in Nederland. Hoe vind je de balans tussen beheren en beïnvloeden, zeker als sommige lezers liever niet lezen over evolutie of lhbti+? Macro met Mujagić Elke dag een intrigerende gedachtewisseling over de stand van de macro-economie. Op dinsdag en vrijdag gaat presentator Thomas van Zijl in gesprek met econoom Arnoud Boot, de rest van de week praat Van Zijl met econoom Edin Mujagić. Ook altijd terug te vinden als je een aflevering gemist hebt. Blik op de wereld Wat speelt zich vandaag af op het wereldtoneel? Het laatste nieuws uit bijvoorbeeld Oekraïne, het Midden-Oosten, de Verenigde Staten of Brussel hoor je iedere werkdag om 12.10 van onze vaste experts en eigen redacteuren en verslaggevers. Ook los te vinden als podcast. Economenpanel De wereldwijde verkoop van staatsobligaties belandde vorige week in een stroomversnelling. En: de 40-urige werkweek bestaat honderd jaar. Dat en meer bespreekt presentator Thomas van Zijl vanaf 11.00 in het economenpanel met: Barbara Baarsma, hoofdeconoom bij PwC en hoogleraar toegepaste economie aan de Universiteit van Amsterdam, en Edin Mujagic, monetair econoom en beheerder van beleggingsfonds Hoofbosch. Luister l Economenpanel Zakenlunch Elke dag, tijdens de lunch, geniet je mee van het laatste zakelijke nieuws, actuele informatie over de financiële markten en ander economische actualiteiten. Op een ontspannen manier word je als luisteraar bijgepraat over alles wat er speelt in de wereld van het bedrijfsleven en de beurs. En altijd terug te vinden als podcast, mocht je de lunch gemist hebben. Contact & Abonneren BNR Zakendoen zendt elke werkdag live uit van 11:00 tot 13:30 uur. Je kunt de redactie bereiken via e-mail. Abonneren op de podcast van BNR Zakendoen kan via bnr.nl/zakendoen, of via Apple Podcast en Spotify. See omnystudio.com/listener for privacy information.

¿Qué presiona tanto al oro como a la plata? ¿Se oficializarán esas tres o cuatro subidas más que descuenta el BCE? Con Brais Prieto, analista técnico y macro en Marot Strategies.

In today's Daily Editorial, we welcome Craig Hemke, Founder and Editor of TF Metals Report, for an in-depth discussion on current conditions across the precious metals and broader financial markets. Following a massive rebound throughout August, gold and silver have experienced a month-long pullback. Craig shares his perspective on current price action, key technical support levels, and the macro forces driving market sentiment. Precious Metal Price Action: Gold and silver have given back a portion of their August gains as traders evaluate support levels amidst shifting market conditions. Interest Rate Dynamics: Rapidly rising yields on long-term Treasury bonds and persistent dollar strength continue to present immediate headwinds for physical metals. Key Economic Data Watch: Critical economic releases scheduled this week, including employment figures, manufacturing indices, and Fed-favored inflation metrics, all are set to influence upcoming central bank decisions. Relative Equity Resilience: Precious metal mining equities and key sector ETFs have demonstrated relative strength compared to underlying bullion prices. Macro and Political Catalysts: Broad market resilience, potential central bank policy adjustments, and upcoming political events could shape the trajectory for tangible assets throughout the rest of this year.   Click here to visit Craig's website - TF Metals Report - https://www.tfmetalsreport.com/   ------------------------------ For more market commentary & interview summaries, subscribe to our Substacks:  The KE Report: https://kereport.substack.com/  Shad's resource market commentary: https://excelsiorprosperity.substack.com/   Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

They discuss how Iran's threats to extend its strikes into the Indian Ocean and a possible 90-day U.S. diesel export ban could deepen the energy crisis, why Washington is rallying allies like Canada and Latin America into a U.S.-led bloc against a China–Russia–Iran–North Korea axis, and how fears of a 2027 Taiwan move, AI supremacy, and tactical nuclear escalation are reshaping markets, capital flows, and national security.   ✅Sign up for a FREE 14-day trial at Big Picture Trading: https://secure.bigpicturetrading.com/membership/signup/fOY4YJYX  

Morgan Stanley Research analysts Michelle Weaver, Ravi Shanker and Dave Arcaro discuss two industrial inflection points: how long it will be before autonomous trucking becomes a reality and why power infrastructure is racing to keep up with AI-driven demand.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.Ravi Shanker: I'm Ravi Shanker, Morgan Stanley's U.S. trade transportation analystDave Arcaro: And I'm Dave Arcaro, Morgan Stanley's Utilities, Power & Clean Energy analyst.Michelle Weaver: Today, what we learned at Morgan Stanley's Industrials Conference about the changing economics of autonomous trucking and the increasingly tight power market supporting the AI build-out.It's Friday, September 25th at 10am in New York.Now, I know we're all on the road taking meetings post-conference, so the audio might sound a little bit different, but we wanted to bring you the latest from our annual Industrials Conference that recently concluded in Laguna Beach, where two themes really stuck out. The growing physical infrastructure demands behind AI, particularly power, and the shift in autonomous trucking from proving the viability of the technology to commercializing it at scale.Ravi, after roughly a decade of development, you've said autonomous trucking is entering a critical 12 to 18-month period ahead of serial commercial production.What's changed, and why is the debate shifting from whether the technology works to whether it can be commercialized at scale?Ravi Shanker: I think for 10 years the industry has been focused on making the technology work. but with players like Aurora now putting up almost half a million miles of fully driverless revenue-generating operations, on public highways in the U.S., day and night, rain and shine, for different customers. With people like Kodiak, also running, several trucks, in revenue-generating service, for customers like Atlas, I don't think there is much debate on the technology itself.And so, I think the debate is now moving from does this work to can this work for me? Where the next steps are going to be dotting i's and crossing t's on the path to actually pressing these trucks into commercial service rather than having to prove that it works in the first place.Michelle Weaver: Your research suggests that autonomous trucking can deliver roughly a 20 percent lower cost per mile, while higher utilization could be an even bigger source of value. What are the key assumptions behind that math? And what still needs to happen operationally for fleets to capture those benefits?Ravi Shanker: Yeah, so we recently updated our TCO math, on autonomous trucks and published a North American insight, where we revised and revisited our views on autonomous trucking with a lot of proprietary data, in there as well. And part of that new TCO math, again, I think revisited some of the changes in the split of operating costs of trucking over the last several years.First of all, I'll kind of throw a huge disclaimer out there that your mileage may vary, right? Because, depending on who you are as a trucker, if you're public or private, small or large, dry van or reefer, heavy or asset light, long haul or short haul, your split of costs are going to be slightly different.But we started out, by looking at the ATRI's national average. And labor accounts for 35 to 40 percent of the P&L of the average trucker. So, when you take the driver out and substitute that with an autonomous driver, if you will. Even after paying the autonomous technology company roughly 85 cents a mile, for the autonomous operation, you will still save a significant amount of money. Versus the 40 percent of the roughly $3 per mile that it costs for labor today.In addition to that, fuel is another third of your cost structure. And there, an autonomous truck should be anywhere from 13 to 22 percent more fuel efficient. We have taken the low end of the scale to be conservative. And then you layer on insurance savings, maintenance savings on top of that. Even if you add some incremental costs, either for human drayage at both ends or for the truck itself being more expensive – we believe you will save about 20 percent per mile versus a human driver today.And I'll point out that the unit economic savings are only about a-third of the total savings with the utilization benefit driving another two-third savings on top of that.Michelle Weaver: But there, there still seems to be a notable disconnect between how much freight carriers and shippers think can be automated and how much of the network may actually be suitable to be automated. What's the industry potentially underestimating?Ravi Shanker: Yeah. We have seen this in our conversations. Again, part of our report was conducting detailed surveys and in-depth interviews with a lot of our coverage companies. And I will say that there still needs to be a lot of education, of how these trucks work, where they work, what the unit economics are going to be out there.There's still a lot of misinformation. For instance, there's this big perception that you still need human drivers at both ends of an autonomous truck move because these trucks can only operate on a highway. And here's where our AlphaWise analysis, comes in. I think it's the first of its kind analysis where we use geolocation data to pinpoint 10,000 plus of the largest commercial facilities belonging to the hundred largest commercial shippers in the U.S.And we found out that the average [00:05:00] commercial facility is less than two miles away from the nearest ramp point. And these trucks can comfortably do seven to 10 miles, if not longer, off a highway on main roads to get to their end destinations. So, I think you just need a lot of education in the industry.And that is part of the dotting of i's and crossing of t's that we think the industry needs to do in the next 12 months before we see the start of serial commercial production next year.Weaver: Thanks, Ravi. I want to bring Dave into the conversation here, and that question of turning demand into real world capacity brings us naturally to power, where the challenge is also increasingly about physical infrastructure and execution.Dave, coming out of Laguna, you describe management commentary across power equipment as notably positive. What surprised you most about what you heard on demand bookings and project activity?Arcaro: Yeah, absolutely. What surprised me most was probably how consistent the commentary was across companies, across large frame turbine providers and the smaller, on-site power equipment players, the new entrants and the more mature companies in the market. Very consistent feedback. All very positive.And I would say also what surprised me too was the lack of disruption across the board. You know, we all see the headlines about data center moratoriums, political pushback, community challenges that really, it seemed, to increase the risk of data center execution and delays out in the market.But at least with the power equipment companies, they're just not seeing it. You know, in terms of the feedback that we heard from management teams across the board at Laguna, they review project timelines actively with their customers, and that's all still intact. We haven't seen any changes in bookings or slot reservations for equipment deliveries.Still seems to be a very stable and very strong backdrop across the board.Weaver: One of the broader conference themes was the availability of power is becoming a bottleneck for AI infrastructure. How are equipment shortages, longer wait times, and customers planning further ahead affecting pricing? And how far ahead can the industry see?Arcaro: Yeah, we are seeing equipment companies booking out orders farther and farther. The large frame gas turbines, to give you a couple examples, from companies like GE Vernova, they're now in conversations to contract turbines for 2031 and 2032. Smaller equipment companies like INNIO, who make, smaller scale engines for data centers, they're in conversations with customers and taking reservations into 2029 and 2030.So, what we heard from the conference as well was that utilities, which is a big customer for this equipment, they're looking out farther and farther now into the 2030s. That's new and that's a surprisingly long time in terms of how far they're looking out. And we're also hearing data centers looking out toward the end of the decade, you know, late 2020s in terms of trying to secure their power equipment in advance.We would still consider it very much a seller's market. Pricing has been rising, and companies at the conference gave further indications that it's likely to keep rising, what looks like into the 2030s from here. We just haven't seen any signs of softening yet, really regardless of the company or the equipment type that they're selling into the market.So still farther and farther out that we're seeing visibility into the order flow, and with that is also coming firm and even rising prices into the 2030s.Weaver: Investors often frame the power debate as electricity from the grid versus smaller power sources built on-site at data centers. Based on what you heard at Laguna, how should investors think about the balance between those two approaches?Arcaro: Yeah, it's an interesting dynamic. When you talk to utilities and some of the large frame turbine companies, they all say that all this data center demand is going to the grid. Eventually, it's all going to go to the grid. When you talk to the smaller equipment manufacturers and the power as a service providers, they say nobody wants the grid.They see long-term opportunities to sell, on-site power equipment and contract it with their end customers for 15 to 20 years, and we're seeing evidence of that. So, I think, it'll stay It's an ongoing debate among, investors as well. On our end, we think the on-site power market is going to be an extremely large market as we get toward 2030, given limitations in how much power is likely to be accessible from the grid over time for the data center industry.But I would say, my takeaway and my observation from the conference that I would highlight is that it's a really favorable market and favorable backdrop for both sides.Michelle Weaver: From autonomous freight to the power needed to support AI, one message from Laguna was clear. The next phase of technology adoption increasingly depends on what the physical economy can actually build and scale.Ravi and Dave, thanks for taking the time to talk.Shanker: Thanks, Michelle.Arcaro: Thanks for having me.Weaver: And to our listeners, thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen to the show and share the podcast with a friend or colleague today.

The consumer backdrop is likely to get worse before it gets better, according to Kristoffer Inton, which he says will add pressure to General Mills (GIS). The company moved lower toward 52-week lows after earnings. Kristoffer says the company is number one or two in many of the brands it sells, it's primarily the macro factors plaguing consumers he sees as headwinds. Andrew Wang considers the earnings report "better, but not good yet." He talks about the green shoots he sees on the company's balance sheet but warns of caution with other key metrics. General Mills' dividend is something Andrew sees as a trap for investors.

The Federal Reserve is back in play, with a rate hike at its last meeting and perhaps more on the way. Treasury yields and equity markets are volatile as participants assess the future direction of monetary policy alongside geopolitical risk, economic data, and inflation concerns. Evan Serdensky, portfolio manager on our Total Return team, and Matt Bush, our U.S. economist, join Macro Markets to discuss portfolio strategy and market dynamics in this environment, and review drivers of our economic outlook in our latest Quarterly Macro Themes publication.Related Content:Third Quarter 2026 Quarterly Macro Themes[LINK]Macro Markets Podcast Episode 91: Commercial Real Estate: An Uneven but Genuine RecoveryNon-Agency RMBS: Income, Convexity, and a Rebuilt MarketInvesting involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author's opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.© 2026 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.5964171

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Analizamos las claves macro de la jornada, con Enrique Díaz-Álvarez, director de Riesgos de Ebury

Nederlandse MKB’ers laten kansen liggen door geen externe financiering in te zetten. Maar ook financiers moeten beter hun best doen, want doordat vrouwen en migranten minder goed aan financiering komen wordt een deel van het potentieel niet benut. Hoe kan het Nederlandse financieringslandschap worden verbeterd? Ronald Kleverlaan, voorzitter van Stichting MKB Financiering is te gast in BNR Zakendoen. Macro met Boot Elke dag een intrigerende gedachtewisseling over de stand van de macro-economie. Op dinsdag en vrijdag gaat presentator Thomas van Zijl in gesprek met econoom Arnoud Boot, de rest van de week praat Van Zijl met econoom Edin Mujagić. Ook altijd terug te vinden als je een aflevering gemist hebt. Blik op de wereld Wat speelt zich vandaag af op het wereldtoneel? Het laatste nieuws uit bijvoorbeeld Oekraïne, het Midden-Oosten, de Verenigde Staten of Brussel hoor je iedere werkdag om 12.10 van onze vaste experts en eigen redacteuren en verslaggevers. Ook los te vinden als podcast. Bedrijvenpanel Hyves is na dertien jaar terug en trok op de eerste dag meteen een kwart miljoen aanmeldingen. En: vanaf aankomende zondag moeten bedrijven hun duurzaamheidsclaims veel beter kunnen onderbouwen. Dat en meer bespreekt presentator Thomas van Zijl vanaf 11.00 in het bedrijvenpanel met: Leen Zevenbergen, serieondernemer, Oprichter van B Lab Europe en walnotenboer en Geert-Jan Smits, ondernemer, investeerder en verbonden aan de Start-up Scorecard. Luister Bedrijvenpanel Zakenlunch Elke dag, tijdens de lunch, geniet je mee van het laatste zakelijke nieuws, actuele informatie over de financiële markten en ander economische actualiteiten. Op een ontspannen manier word je als luisteraar bijgepraat over alles wat er speelt in de wereld van het bedrijfsleven en de beurs. En altijd terug te vinden als podcast, mocht je de lunch gemist hebben. Contact & Abonneren BNR Zakendoen zendt elke werkdag live uit van 11:00 tot 13:30 uur. Je kunt de redactie bereiken via e-mail. Abonneren op de podcast van BNR Zakendoen kan via bnr.nl/zakendoen, of via Apple Podcast en Spotify. See omnystudio.com/listener for privacy information.

On today's episode, PFT, Big T and Zac dive into the world of Tartaria, the conspiracy theory centered around mud floods, free energy, and a lost advanced ancient empire. They also get into the controversial lesbian bar in Massachusetts, Sydney Sweeney and her new ad, indecent exposure incident on a plane and much more. Enjoy! (00:04:04) Lesbian Bar In Massachusetts (00:11:09) Clowns & The Circus (00:23:01) Sydney Sweeney (00:29:19) What Sport Would You Rather Play? (00:37:49) Indecent Exposure on a Plane (00:44:52) Butcher of Tompkins Square Park (01:05:53) Donald Trump at Tennessee (01:20:51) Tartaria Shady Rays Go to http://shadyrays.com and use code MACRO for 50% off 2+ pairs of polarized sunglasses. No Bull Visit https://www.nobullproject.com and use code MACRO for 35% off your entire FIRST order. Paramount+ THE UEFA CHAMPIONS LEAGUE. WHERE THE BEST PLAYERS COLLIDE FROM SEPTEMBER TO JUNE. STREAMING LIVE, EXCLUSIVELY ON PARAMOUNT PLUS.You can find every episode of this show on Apple Podcasts, Spotify or YouTube. Prime Members can listen ad-free on Amazon Music. For more, visit barstool.link/macrodosing

MacroVoices Erik Townsend & Patrick Ceresna welcome Michael Every. They discuss how escalating Iran–Middle East and Russia–Ukraine conflicts are weaponizing energy markets, why a looming global diesel crunch could fracture the “one-world” oil system into U.S.-led regional blocs, and how Washington may increasingly use tools like export bans, Arctic basing rights, and even dollar stablecoins as instruments of geopolitical statecraft against China and other rivals. https://bit.ly/4iRZKlX    ✅Sign up for a FREE 14-day trial at Big Picture Trading: https://secure.bigpicturetrading.com/membership/signup/fOY4YJYX  

Darius Dale is the founder and CEO of 42 Macro. In this conversation, we break down whether Scott Bessent is bluffing the bond market, why stocks keep hitting highs, and why balancing the budget may be impossible. We also discuss the K-shaped economy, AI, bitcoin, and America's political realignment.===================Arch Public is an agentic trading platform that automates investment strategies across Stocks, Commodities, ETFs and Crypto. Whether you're rotating into AI & Gold, allocating to the S&P 500, or accumulating Bitcoin, Arch Public executes your plan 24/7 without ever taking custody of your assets or funds. Sign up today at https://www.archpublic.com, and start your FREE automated trading strategy! ===================New description for Lava with a clickable url: Lava is a global platform for bitcoin financial services. Spend with Lava Card and earn up to 5% back in bitcoin with every purchase— all with no annual fee, no FX fees, and zero spread. Plus you can borrow against your bitcoin at the lowest rates, earn yield on cash, and move fiat or stablecoins globally. Get started at https://www.lava.xyz/POMP===================Simple Mining makes Bitcoin mining simple and accessible for everyone. We offer a premium white glove hosting service, helping you maximize the profitability of Bitcoin mining. For more information on Simple Mining or to get started mining Bitcoin, visit https://www.simplemining.io/pomp===================0:00 - Intro0:47 - Is Scott Bessent bluffing the bond market?7:34 - Druckenmiller's op-ed & Bessent's playbook13:13 - Why stocks & bitcoin are near all-time highs16:42 - Why balancing the budget is impossible & the impact 24:30 - Housing, young vs old & the lock-in effect28:02 - Cut, grow, or print?32:12 - How AI & bitcoin can level the playing field36:15 - Social mobility & keeping up with the Joneses39:00 - America's political realignment & future outlook49:45 - Power, politics & the path forward

Diesel is at the center of an international supply squeeze, with prices rising to historic highs. Andrew Sheets and Martijn Rats unpack why this industrial fuel matters far beyond the pump.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. Martijn Rats: And I'm Martijn Rats, Head of Commodity Research at Morgan Stanley. Andrew Sheets: Today, the secret life of diesel and why there's so much attention on it. It's Thursday, September 24th at 2pm in London. Diesel is a fuel that I think a lot of investors may be aware of but not familiar with, so to speak. It's often the other price that you see when you're driving down the road. But Martijn, it's incredibly important for the industrial side of the economy and unusually disrupted by current geopolitical events. And so, I'd like to really start at the top, or technically the middle of the barrel, so to speak. What is diesel and what makes it so special? Martijn Rats: Yeah. When people talk about diesel at the moment, they really talk about sort of three things combined. They talk about outright diesel, as well as jet fuel and also heating oil. These are effectively part of the same pool of molecules coming out of the refinery. And so, when you look at that sort of pool of molecules, you talk about the things that fuel trucks, trains, ships, tractors in agriculture, excavators, generators, home heating. It is a molecule that has a tremendously broad range of applications. It's really the fuel of the industrial economy. One of the characteristics of diesel is that it has very high energy density. In contrast to, say, gasoline, electrifying the uses of diesel is harder because it carries so much punch. Andrew Sheets: And why has there been so much on diesel recently, given the current energy disruption in these geopolitical events? Martijn Rats: Yeah. So, the global refining system normally processes about 85 million barrels a day of crude oil and from that, it makes a range of products. Diesel is at the heart of it. But it's only one of many. At the moment, we are short in terms of refinery runs, i.e., the amount of crude that refineries process to the extent of about somewhere between 4 to 5 million barrels a day. So, 4 to 5 million barrels a day on a base of 85, you're talking about 5 to 6 percent. That may not sound like a lot, but in the world of commodities, where prices really depend on relatively small changes, that is actually a very large amount. That sort of 4 or 5 million barrels a day of refineries that are currently not running, they are fifty-fifty, either in the Middle East or in Russia. In the Middle East, it is a story of the Strait of Hormuz and refineries locked behind the strait, and they can't export their products. Some of them are also damaged, although information on that is hard to find. And then the other half that is out is in Russia, where they are effectively taken out by Ukrainian drone attacks. In total, that's sort of 4 to 5 million barrels a day of refining capacity that is not running. 40 percent of their output would typically be diesel, so we are missing something like 1.5 million barrels a day of global diesel supply, all into the seaborne market. Now, I mentioned the seaborne market because the seaborne market is the traded market where traders buy and sell cargoes to each other. And that is where, from a physical market perspective, price formation takes place. The global seaborne diesel market is an 8 million barrel a day market. And so given that all of the supply we're missing is also into the seaborne market, the comparison to make is to say that we're missing about, sort of, close to 1.5 million barrels out of an 8 million barrel a day traded… Andrew Sheets: A pretty large percentage, yeah. Martijn Rats: Absolutely. That is very, very large, and that is hard to offset. Every other refinery around the world that can run is running flat out. The margins are all-time highs. So, there's a lot of incentive to run very hard.But nevertheless, it's left the market very, very tight. Andrew Sheets: So, that tightness in the market shows up via price. And just talk us through a little bit about what has happened to the price of diesel and its related fuels. You know, I think a lot of listeners are probably more familiar with the price of gasoline. They're more familiar with the barrel of oil that's often the quoted benchmark in the market. But what has been happening to these diesel prices? Martijn Rats: Yeah. So, the way to really tell that story is to look at what we call the crack spread. So, making a barrel of refined product, including diesel, of course, you start with crude oil. So, the price of crude oil impacts the price of the refined product. So, quite often we focus more on the uplift from the price of crude to get to the price of the refined product, and we call that the crack spread. Under normal conditions, say a year ago, crude was $70, and then the price of diesel was another $20 on top of that. And so, you got to diesel being 70 plus 20 is $90 per barrel. At the moment, crude is higher. Crude is about $100 per barrel. Crude has rallied. But the increment on top of it has spiked. So, a couple of days ago we got to all-time high nominal term diesel prices over $200 per barrel. So, we're now having a situation that is [$]100 for crude plus another [$]100 to get to the diesel price. So, the crack spread is something that normally lives in a range of, like when the diesel market is weak, maybe sort of $8, $9, $10. When the market is normal, close to $20. If it's very strong, $25 to $30. Now, that incremental crack spread is $100 per barrel, and that is something that we've not seen before. It is stronger than it was in 2022, when we also had a moment of a severe diesel crisis. Didn't last very long in 2022, but the crack spread got to sort of $60, $70 per barrel. So, that highlights the extent to which the price of diesel has rallied. Andrew Sheets: So, Martijn, you mentioned this crack spread. You know, I think if we all go back to our organic chemistry, this is the refineries literally cracking a barrel of oil down into constituent distillates and other pieces. But given those very high prices for diesel, why don't the refiners just refine more? Why aren't the incentives increasing production? What's getting in the way of that? Martijn Rats: Yeah. That's just a matter of like the physical reality of the system. So, when you build a refinery, you often quite think about two things. What crudes are available to me. So, if you're in the United States, you have U.S. shale crudes, or you have crude from Mexico, Canada. And based on those, you then also think about, you know, what is my consumption, where I am likely to be.And based on that, you build a certain configuration – that converts the crudes that you can buy into the products that your specific customer set might need. You fix the configuration of the refinery at the time you build it. And once it's built, there is a little bit of flexibility to say, "Oh, well, maybe at the moment I make a little bit more diesel and a little bit less gasoline," and change the – what we call the yield of these products. Like a little bit within, you know, a few percentage points range. But that flexibility is small, so the only thing you can do to make more diesel is to run the refinery at 100 percent utilization. That is currently where we are. That has already happened. And then you put in the crude that you buy, you get the products for which your refinery is then designed, and that's it.There are no other… Andrew Sheets: You can't just turn a big dial that says more diesel. Martijn Rats: No. You can't say, "Oh, well, I don't like my naphtha output this week, so let's not make any naphtha for the chemical industry. Let's only make diesel." It's not contained in the barrel of crude and the kits that you have – takes many years to rebuild and probably very expensive.So you're kind of then stuck. I mean, it is what it is. Andrew Sheets: So Martijn, where is this leaving the global story? You know, if we think about just the relative price of this. Again, you mentioned it's an incredibly important fuel for agriculture, for industry… What's it looking like kind of across the major regions? Martijn Rats: Yeah. Look, it leaves a very tight market at the moment. I mean, it's relatively straightforward. The price of diesel depends very heavily on how the geopolitics of the Middle East and Russia sort of play out. So, in terms of the traded price that you see on the screen every day, it swings around very heavily with how the market foresees the future with regards to these two conflicts. So, one week things flare up, the price of diesel rallies. The following week the market feels a bit more optimistic maybe around a deal, so then things sort of sell off. So, we have to live with that sort of geopolitical sort of reality. But other than that, those who can afford it pay a high price to effectively erode demand amongst sets of consumers who cannot afford these higher prices. You see a substitution, for example, what I thought was very interesting last week. Some of the train companies in the United States were talking about a truck-to-train substitution of very high levels of cargo loads on trains because simply the diesel on trucks is too expensive.So, you see those behavioral changes come through. Andrew Sheets: But that point about demand destruction is really important because, you know, a point that you've made over many years is this idea that the solution to higher prices is higher prices. That that reduces the demand for the fuel, that helps these markets recorrect. And yet, you know, we're hitting prices in diesel that are near all-time highs, and we've yet to see that demand really pull back a lot. A lot of economic indicators are still pretty good. What does that tell you maybe about where the demand destruction price really is? Martijn Rats: Making estimates of the demand destruction price sort of bottom up in a sort of modeling sense, going sort of end use by end use, has turned out on many occasions to be very, very challenging analysis. But we can sort of look at the market and say under certain conditions, prices have spiked and what were these conditions? And we can sort of try to learn something from that. We had a very severe diesel crisis in 2022 when the Russia-Ukraine conflict started, and effectively Russian diesel had to be significantly rerouted around the world. We got to $200 per barrel. Andrew Sheets: Right about where we are now… Martijn Rats: Right about where we are. That didn't last very long. Big spike to [$]200, and it sold off. In March-April, we got to [$]200, and it sold off. And now, a couple of days ago, we reached that again. And so, in the trading behavior of the market, it does look like what happens at [$]200 – there either is demand destruction. Or there may not be demand destruction in the fullness of time, but buyers just take a pause. And this makes it quite difficult to kind of really unearth this issue in the sense that in the end, a lot of customers also have inventories of their own. Like airlines have tanks with jet fuel. In Europe, you have a lot of households that use heating oil for home heating if they're not connected to the gas grid. And they have tanks in their gardens. And so, there are a lot of tertiary inventories, as we call them, where people can effectively afford to stop buying for a little bit and see how things pan out, and then they buy later. And so, the actual data points that we have on demand destruction, even at this price, they're actually not that convincing.There seems to be some... There clearly is in China. In China, we have seen signs of demand destruction at these very high prices. But in the rest of the world, either there are subsidies in place, or people draw on their own inventories for a bit. Or they just absorb it because it's an indisplaceable fuel in the short run. Actually, it's not all that convincing that there is a lot of demand destruction even at these prices. Andrew Sheets: So, Martijn, the last thing I want to ask you about is – this is a fuel that is central to a lot of key industrial processes, as we've discussed, agriculture, trucking. What is the risk that the countries that have more of this refining capacity stop exporting it to the rest of the world. Try to keep more of it to themselves in order to cushion the domestic price impact? Martijn Rats: That risk is very real. We've already seen some of this earlier on in the Hormuz crisis in March and April. For example, China at some point announced an export ban on all refined products. In retrospect, that wasn't quite as forcefully implemented as it was announced. But nevertheless, the Chinese government did announce that, and we saw a initially large decline. The government of South Korea at some point banned refined product exports. In the United States, there are voices that say that this might be something that the government should consider. I would say, though, about the U.S. diesel export ban, there is a good reason why this has not happened yet.Because the United States is broadly balanced in gasoline, domestic production of gasoline by the refiners. It broadly equals to domestic consumption. And there is a tiny little bit of exports. But in the overall scheme of things, it's not much. In diesel, it has a very large surplus, which is exported. But if there were to be an export ban and that diesel cannot leave the country – for a little bit, you can store it. But you'd fill up those tanks very, very quickly. When those tanks are full, you then need to slow down the refineries because otherwise you simply have diesel that you cannot get rid of. If you slow down the refineries, and this is how we come back to the start of the discussion, the mix of products that you produce is broadly fixed. So, if you slow down the refineries, you make less gasoline. And so, in the United States, you can get the counterintuitive outcome that a diesel export ban could lead to higher gasoline prices. So, a lot of these things have unintended consequences, and there are good reasons why they haven't happened yet. Andrew Sheets: I think that's a fascinating and counterintuitive way to think about it. Thank you, Martijn, as always, for taking the time. Martijn Rats: My pleasure. Andrew Sheets: And thank you for listening. If you find Thoughts on the Market useful, let us know by leaving a review wherever you hear us. And also tell a friend or colleague about us today.

In the Macro MATTers podcast, Matthew Luzzetti (Chief US Economist) and Matthew Raskin (Head of US Rates Research) discuss recent events moving markets.In this episode, they discuss the upcoming Fed task force on data with David Wilcox, senior fellow at the Peterson Institute for International Economics, director of US economic research at Bloomberg Economics, and former director of the Division of Research and Statistics at the Federal Reserve Board.

With AI investment accelerating, energy costs rising and Treasury yields pushing to multi-decade highs, investors are confronting a market where few assets look obviously cheap. Jimmy Chang, chief investment officer of Rockefeller Global Family Office, joins Bloomberg Intelligence chief US interest rate strategist Ira Jersey to discuss that and more on this Macro Matters edition of the FICC Focus podcast. Chang explains how the extraordinary scale of AI-related capital spending is supporting economic growth while also adding inflation pressure through shortages of power, semiconductors and other inputs. The two discuss why 10-year Treasury yields above 5% may be consistent with strong nominal growth, when extending duration could become attractive and how additional Federal Reserve tightening might ultimately slow the economy. They also examine the record amount of cash in money-market funds, why Chang doesn't view it simply as “dry powder” and how higher yields are reinforcing a K-shaped economy. The episode closes with a longer-term discussion of AI investment, potential overcapacity, power demand and why family-office portfolios may benefit from diversification across bonds, precious metals and other hard assets. The Macro Matters podcast is part of BI's FICC Focus series. 

Tighter AI safety requirements could reshape the pace of AI investment. Ariana Salvatore and Michael Zezas dig into why the spending may shift toward more compute, not less.Read more insights from Morgan Stanley.----- Transcript -----Ariana Salvatore: Welcome to Thoughts on the Market. I'm Ariana Salvatore, Head of U.S. Public Policy Research at Morgan Stanley. Michael Zezas: And I'm Michael Zezas, Deputy Global Head of Research at Morgan Stanley. Ariana Salvatore: Today, we'll be talking about AI safety and regulation. It's Wednesday, September 23rd, at 10am in New York. We put out a note last week on AI frontier capability gain and the associated safety risks. Those have been in focus in recent weeks, and as a result, we've gotten a number of questions about the path forward for government regulation. So today, Mike and I are going to get into some of the newest developments, where we think things are headed, and how the midterms could shape that path. Michael Zezas: Yeah, and this is pretty important because the concern is that if AI safety scrutiny increases, it's going to slow everything down. You might have less CapEx, fewer model releases, and there's all sorts of downstream effects for the pace of U.S. growth and investment strategy in equities and throughout the AI investment theme. But Ariana, you and the team landed in a bit of a different place and are arguing that a bigger focus on AI safety could end up being a tailwind to compute spend rather than a brake on it. Can you break that down for us? Ariana Salvatore: Sure. So, the way we see this playing out, is there are five potential states of the world. Some include industry self-policing; some include the prospects for heavier government intervention. Across all of them, as you mentioned, we actually think this is a pretty big tailwind to compute spend and CapEx more broadly. That's because as the labs integrate greater safety monitoring infrastructure, we think that spend is only going to accelerate, especially as LLM capabilities increases at a nonlinear rate. Similarly, on the regulation front, we think there are a few things that prevent something like a large comprehensive AI regulation bill from coming to fruition. We think there's really three, kind of, key obstacles to something like that happening. The first is the politics. So, the president himself has said he's against some sort of large-scale regulation. The second is the procedure. So mechanically speaking, there would need to be a legislative vehicle for this sort of thing to ride on. That's hard to see emerging in the very near term. And the third is precedent. So, historical precedent here tells you that usually regulation is catalyzed by some sort of high salience event. That's why our framework for government reaction here hinges on two components: incident salience, as I just mentioned, and instrument availability. Instrument availability basically reflects the extent to which the government already has a tool that it can pull in this direction. So, that's how we think about it going forward. That doesn't mean all policy action is off the table, but that supports our expectation for higher CapEx, higher compute spend over the coming years. Michael Zezas: Right. So, the idea is that the spending continues and the things that would otherwise limit that spending, you don't see as real plausible policy options at the moment. And can you break this down a little bit more? Because I know there's a lot of different proposals floating around Washington, D.C. from policymakers right now. What are you paying attention to? Ariana Salvatore: We don't expect an overarching AI regulatory authority in the near term. Now, importantly, we also don't expect sweeping open weight model regulation. The reason for that is threefold. First of all, we think the U.S. is keen on maintaining this managed stability relationship with China. We've written about the expectations around the U.S.-China summit. That's kind of a delicate balance that we think is likely to persist. So, overly restricting open weights models might throw a little bit of a wrench into that equilibrium that we see. So that's the first reason. The second reason is diffusion. We think the U.S. administration wants to see the proliferation of open weights models. We know that companies are using some sort of hybrid of open and closed weight. So, to the extent that, you know, banning these models would slow adoption, we don't think that's in the interest of the administration. And the third reason is purely mechanical. It's really hard to enforce these sorts of restrictions. Once a model weight is published online, it can be really hard to clamp down exactly who and where it's going to. Obviously, companies can download them, customize them, et cetera. So, the enforcement picture here is also really challenging. That being said, we do think that the executive can continue to lean in and, sort of, make some incremental adjustments or changes on the regulatory front. But we think it's likely less severe than some of the proposals you're seeing in Congress right now. Things like the Kill Switch Act, for example, which basically mandate that companies can maintain an ability to shut down models at a moment's notice, right? If a certain threshold is crossed. So, that's something that we see as less likely to come to fruition. But again, setting safety standards, guardrails, all of that from the administration we think is possible in the near term.Michael Zezas: What about some of the pushback that would at least appear to be rising at the state and local level around construction of data centers? Is that something that you think might materially slow the industrial build-out and the CapEx levels around AI? Ariana Salvatore: So far, what we've seen is that AI safety risks are not the top of the priority list when it comes to data center pushback, right? So, things like environmental concerns, affordability – those tend to be the main vectors of the opposition. That being said, we've gotten the question, right, to your point, of does this, sort of, risk focus mean that the data center backlash is likely to grow? We think that it could, but at the same time, we think this is a highly idiosyncratic issue, meaning that this is something to pay attention to on a very granular level. Certain states and localities will be the ones to really administer these restrictions, and we think in the aggregate, hyperscalers are going to be able to continue to mitigate. We've already seen these mitigation measures employed. We're still constructive on AI CapEx this year and next, because overall, we see the build-out really becoming more of a conditional build-out. So, that means contingent upon some of these concessions, maybe it's more expensive in certain areas. But overall, we don't think that the concerns around safety are going to derail that story. Michael Zezas: So, then when it comes to data centers, the conditions that might be being put on their construction at the state and local level, for the most part – those building out the data centers have been willing to make those concessions, so it hasn't slowed that much. Is that fair? Ariana Salvatore: That's right, and it really depends on where the pushback is coming from, right? So, in some cases, you're seeing communities push back on things like water usage, right? And we're seeing the hyperscalers come out and respond and say explicitly, you know, how much water they're using in some of these operations. Google is proposing a regulatory framework, so that's something that they're mitigating through that lens. In another example, you've got local communities pushing back on just, sort of, disruptions to quality of life, and you're seeing companies like Meta announce a fund to engage more locally there.So, it really is different. There's no one-size-fits-all solution here. But yes, I agree with you that overall, we don't think this is going to meaningfully constrain the build-out. Michael Zezas: Got it. So, it seems like the idea here is that the secular trend around AI development is going to continue in your view. Is there any way that you think the midterm elections or the outcome around that might change your thinking? Ariana Salvatore: So, I think the midterms will be important for sentiment, but when it comes to the actual policy path, we don't think they're the main driver, and there's two key reasons for that. The first is obviously the president is not changing until 2029. So, the fact that President Trump still has to be involved in any capacity – if we were to see a bill emerge from Congress to us gives a little bit of clarity on what that bill could actually look like. And so ultimately, whatever comes to fruition will have to be a product of collaboration between Democrats, Republicans in Congress, and the president. So, that's a pretty much a constant. The second reason I would say is because, as I kind of alluded to earlier, you tend to see government response when there's a high salience event. And in that case, it doesn't really matter what the government configuration is if it's reactionary. When you think back to things like the pandemic, we saw the CARES Act. In 2008-2009, you saw the ARRA. Those are all efforts that were produced in a divided government. And so, in that vein, we basically think that you need to see some sort of event catalyze a response. The key driver is not going to be government configuration. It's going to be the salience of that event specifically. Michael Zezas: Okay, got it. So, the guidance to investors on the back of all of this is what? Ariana Salvatore: So, the thematic recommendations from our team are intact, right? So, what we were talking about is basically we see these all converging towards a tailwind to CapEx and a tailwind to compute supply. So, in that vein, we still think that you should own inference compute bottlenecks because of that excess demand relative to supply. We think that's going to persist regardless of most of the policy scenarios. We also think own leaders in cybersecurity, as we mentioned. This should drive increased spend, especially as open weight models become much more capable. And then in the third piece, we think you should own AI adopters. AI models are already pretty capable to drive significant productivity. We think that that's just going to continue to unlock. The last thing I would mention, we didn't really get into it in this podcast, but in this conversation we typically also talk about AI sovereignty and the U.S.-China restrictions here. So, in that context, we would avoid negative exposure to rising U.S.-China technology transfer restrictions. We think that's an increasing probability because we do see the governments taking more of an active role, which we think drives bifurcation of the global market. Michael Zezas: Well, Ariana, thanks for breaking it down. Appreciate talking to you today. Ariana Salvatore: Always great speaking with you, Mike. And thank you for listening. If you enjoy the show, please leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.

Sep 22, 2026 – Is weaponizing space opening a dangerous new chapter in the rivalry between the U.S., China, and Russia? Laurent Lequeu joins Cris Sheridan to explore a brewing space arms race—and the economic fallout he sees taking shape on Earth...

Ready to learn more about macro social work careers? Grab my free e-course at: ⁠⁠https://macroandpaid.com/⁠⁠---If you're a social worker who keeps noticing the bigger systems-level issues behind what your clients and communities are experiencing, there may be a reason case management has never felt like the full extent of the work you're supposed to be doing.That was my experience.Long before I knew to call it macro social work, I was sitting in case management jobs questioning why the same people kept cycling through the same programs, why policies were being implemented differently across communities, and why so many of the problems I was expected to address individually were actually connected to much larger systems-level issues.Eventually, I realized I didn't want to spend my career only responding to what happened after decisions were made. I wanted to get closer to the places where programs were designed, resources were allocated, systems were evaluated, and decisions affecting entire communities were being made.In this podcast episode, I'm sharing my career journey from case management into macro social work, how I landed my first macro social work job after earning my MSW, and why I eventually became The MSW Coach™.If you've been questioning whether you're supposed to be doing something different with your social work career, especially work that allows you to address issues beyond the individual level, you'll probably recognize parts of yourself in my story.Happy macro career planning,Marthea Pitts, MSW#MacroSocialWork #SocialWorkCareers #MacroSocialWorkJobs #MSWCareers #SocialWorkCareer #SocialWorker #MSW #CareerDevelopment

Central banks are turning more hawkish as inflation risks increase. Our Global Chief Economist and Head of Macro Research Seth Carpenter explains what that means for the Fed, ECB and Bank of Japan.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. Today, I'm going to talk about all the movement we've seen in central banks and how it's changing our forecasts. It's Tuesday, September 22, at 10 a.m. in New York. Over the past two weeks, our economists here at Morgan Stanley have revised their outlooks for the Fed, the ECB, and the Bank of Japan to include more rate hikes. Each economy faces different challenges, but all three central banks have arrived at roughly the same conclusion: growth has remained remarkably resilient despite all of the shocks hitting the global economy. And renewed energy-price pressures have increased the risk that inflation proves more persistent than they had previously expected. The clearest example—and our biggest revision here—is the Fed. Now for much of this year, we had actually thought the Fed might avoid hiking interest rates altogether. But in addition to this increase that we just saw at the September FOMC meeting, we now expect two additional rate hikes—in December and in March that will bring the terminal rate up to 4.25 to 4.5 percent. While Chair Warsh has highlighted the inflationary implications of higher energy and commodity prices, for me, the more important signal was the assessment that policy is not sufficiently restrictive. So in our view, the Fed appears to be reassessing not just the inflation outlook, but the amount of restraint that is required to bring inflation sustainably back to target. But even with all of that said, we're still looking at this shift as more of a recalibration of policy for the Fed rather than a fundamental shift in policy. And so the market may have—just may have—overestimated how much hiking is left. But the shift does have clear and important market implications. Our rate strategists expect investors to pull forward additional tightening expectations in the near term, while increasingly questioning how long policy can remain at restrictive levels before growth starts to slow.But more broadly, the Fed now appears a bit more sensitive to energy-driven inflation pressures, and that strengthens the case for a firmer dollar. Over recent months, rising energy prices have supported the euro because investors have seen the ECB respond more aggressively than the Fed. That maybe former asymmetry could be changing. Our foreign-exchange strategists therefore continue to favor dollar strength, particularly against the yen. Now Europe does face a similar inflation challenge to the Fed, though through a different mechanism. The renewed rise in natural-gas and other energy prices has led our economists to revise up their inflation forecast materially and, therefore, to add in another ECB rate hike in December. But we have got to keep in mind that it is not energy prices all by themselves that have changed the outlook. Economic activity in the euro area has also proven to be much more resilient than we had anticipated. And that reduces concerns that an additional modest tightening of policy would derail growth. And so if you take it all together, the ECB is increasingly focused on preventing higher energy costs from feeding into broader inflationary dynamics. Now Japan might seem different, but the underlying story is really surprisingly similar. For decades, the BoJ's challenge was generating inflation. But now policymakers are now increasingly concerned about the possibility that inflation will overshoot its target. After the BoJ's hike last week, we expect it to raise rates to 1.5 percent in December and then raise rates further, to about 1.75 percent, in March. Like the Fed and the ECB, the BoJ faces an economy that has absorbed tighter financial conditions much better than had been expected.And yet, unlike the Fed and the ECB, our strategists believe that markets have become too aggressive in pricing the eventual destination of rates. And that creates scope for expectations to be revised lower over time. As a result, while Japanese rates may continue to rise gradually, our foreign-exchange strategists still expect a broader trend of yen weakness to emerge once temporary positioning effects fade. So the common thread across all three of these central banks that I've discussed is that, while the energy shock has changed the inflation conversation, the resilience in growth has further changed the policy conversation.And so for investors, next year is probably going to be characterized by higher policy rates and a stronger dollar than markets expected at the beginning of the year. Well, thanks for listening. And If you enjoy the show, please leave us a review and share Thoughts on the Market with a friend or colleague today.

Our CIO and Chief U.S. Equity Strategist Mike Wilson discusses why quality stocks, strong earnings and price momentum support his view that the bull market remains intact.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 the ongoing mid-cycle transition. It's Monday, September 21st at 11:30 am in New York. So, let's get after it. The S&P 500 is near record highs. That's despite rising energy prices, two wars running in parallel and AI safety concerns back in the headlines. Meanwhile central banks are tightening. On paper, that's a lot of reasons to be nervous. So are investors just being complacent? I don't think so. More than 40 percent of the Russell 3000 has fallen at least 20 percent since June, while the S&P 500's forward price earnings multiple has fallen back to 19 times, which is almost 20 percent lower than a year ago. At the same time, median stock earnings growth is running around 15 percent, and revisions breadth is back near cycle highs. Falling valuations alongside strong earnings growth is not complacency. It is the definition of a classic mid-cycle transition. That distinction matters because mid-cycle markets tend to frustrate almost everyone. The index can remain resilient while much of the market corrects. Earnings can stay strong while multiples fall. And leadership can change without the bull market ending. Last week's Fed meeting fits squarely into that framework. The 25-basis-point hike was largely priced, so the real information was Chair Warsh's willingness to follow through on his commitment to fight inflation. Recent core inflation data were firmer than expected, but the details were not uniformly hot. Some of the upside was concentrated in a handful of categories, shelter remained soft, and tariff pass-through appears to be fading. That gave the Fed room to act without forcing investors to assume we are heading into another 2022-style tightening campaign. In my view, the hike can enhance credibility. If investors believe the Fed is acting early enough to contain inflation, a higher policy rate can reduce uncertainty and term premium rather than automatically driving long-term financing costs higher. But the rate hike is not my concern. A few additional hikes over the next year are unlikely to end this bull market if earnings remain strong. The bigger unknown is how a Warsh-led Fed approaches the balance sheet, money supply, and credit growth. His philosophy has historically leaned more monetarist than prior Fed chairs. However, we still don't know how aggressively he will apply it – or how much influence he will have over the rest of the committee. That matters because the private economy is using more capital, and an overly restrictive approach to liquidity could become more consequential than the policy rate itself. This is one reason I continue to favor large-cap quality. High free-cash-flow yield, low accruals, and operating-efficiency factors are leading, while the high-sales-per-employee factor has been one of the strongest recent performers. That also aligns closely with our preference for AI adopters rather than the enablers. Price momentum is not disappearing. But its composition is changing toward quality, services-oriented, asset-light, and fee-based businesses. That is exactly what should happen during a mid-cycle transition. The near-term swing factor remains energy prices. Another meaningful rise in crude or refined products would put upward pressure on the expected policy path, long-end yields, and bond volatility in an unhealthy way. It would also arrive during a period when midterm-election seasonality often produces a 5 to 10 percent index correction. In a worst-case near-term scenario, the S&P 500 could trade near 7100, but I would view that as a tactical correction within the bull market – not a change in our fundamental views. Either way, I remain convicted in our 8,000 year-end price target. The bottom line is that this market is behaving exactly like a mid-cycle market should: valuations are compressing, earnings are carrying the load, and leadership is moving toward quality. The index may look calm, but plenty of concern has already been priced at the stock level. The mistake would be confusing resiliency with complacency—and missing the rotation taking place in plain sight. Thanks for tuning in; I hope you found it informative and useful. Let us know what you think by leaving us a review. And if you find Thoughts on the Market worthwhile, tell a friend or colleague to try it out!

Andreas Steno and Mikkel Rosenvold are back to ask whether markets are beginning to resemble the setup we saw in March. With the Fed having hiked, yields elevated, and oil moving lower, are the conditions falling into place for another leg higher? They also unpack the new U.S.–Denmark–Greenland agreement and what it means for the shifting geopolitical picture in the Arctic, before diving into the recent crypto rally to see whether it really has legs.

As President Xi heads to Washington, trade, rare earths and AI are set to dominate the agenda. Our Head of U.S. Public Policy Research Ariana Salvatore unpacks what the meeting could mean for supply chains, tech stocks and the broader market.Read more insights from Morgan Stanley.----- Transcript -----Ariana Salvatore: Welcome to Thoughts on the Market. I'm Ariana Salvatore, Head of U.S. Public Policy Research at Morgan Stanley.Today, I'll be talking about next week's U.S.-China summit, specifically the bilateral trade relationship, what we can expect on critical minerals and rare earths, AI dialogues, and what it all means for markets.It's Friday, September 18th at 10am in New York.President Xi is scheduled to visit the White House on September 24th for his second meeting with President Trump this year, and his first White House visit in roughly a decade.The meeting follows President Trump's visit to Beijing in May, where the two sides established a framework for what they call a more constructive relationship of strategic stability. That meeting also produced new trade and investment dialogues, commitments around agricultural purchases and aircraft, and an agreement to begin a dialogue on artificial intelligence.But next week's summit comes at an important moment because several of the temporary arrangements that helped stabilize the economic relationship are due to expire later this fall.We think there are three areas to focus on.The first is trade. The current U.S.-China tariff truce is scheduled to expire in November. Now, public reporting suggests that the two governments are discussing an extension alongside potential announcements on agriculture, non-tariff barriers, and a relatively narrow set of goods that could see lower tariffs.The question for markets, therefore, is less whether next week produces a comprehensive new trade agreement and more so on whether the two sides can extend the current period of stability and prevent another significant increase in tariffs.The second area is critical minerals. This is probably one of the clearest examples of the leverage that each side has over the other.Washington, we think, wants more predictable Chinese exports of rare earths and other critical materials used across semiconductors, autos, aerospace, and defense. Beijing, meanwhile, has been pushing back against U.S. restrictions on Chinese companies' access to advanced technology.Public reporting suggests that both of these issues are part of the negotiations heading into the summit, and the timing here is really important. November 10th is an upcoming cliff affecting China's rare earth restrictions and U.S. technology controls, followed later that month by another deadline covering certain minerals. So what happens next week could determine whether those restrictions remain suspended or begin to snap back.The third area is technology, and increasingly artificial intelligence. The two leaders agreed in May to establish an AI dialogue, and President Trump has specifically said AI will be discussed next week.Reporting also shows that shared AI risks could be one area for discussion, although the broader competitive relationship makes a comprehensive agreement difficult, we think. From a policy perspective, the most important point is that technology restrictions are moving beyond advanced chips. The debate includes cloud and compute access, model distribution, procurement, and potentially the use of certain foreign AI models themselves.In other words, we think that while the summit could produce something like an agreement to keep talking on AI, the underlying shift matters more. AI sovereignty pushes both the U.S. and China toward more restrictions or heavier government involvement even over a longer period of time.We expect that a middle path is the more plausible U.S. approach. So think targeted restrictions on specific Chinese developers rather than a blanket prohibition on Chinese open weight models. But even that would reinforce what we've called the two worlds thesis, increasingly distinct U.S. and Chinese tech ecosystems with separate infrastructure, supply chains, standards, and distribution channels.There could also be a host of other issues on the agenda, specifically the U.S.-Iran conflict, which we see as a tail risk into the talks.So what does all this mean for investors?Even a constructive summit is unlikely to reverse the structural push toward technology and supply chain diversification. In fact, we argue that greater U.S.-China bifurcation will actually reinforce investment in parallel ecosystems, semiconductor capacity, data centers, cloud infrastructure, power, and critical mineral supply chains.In that sense, actually less geopolitical friction next week could reduce near-term market volatility, but without necessarily changing the underlying investment cycle.So, the key question coming out of the summit is not simply whether the relations are improving or deteriorating. It's whether the two sides can preserve enough stability to manage their competition while the longer-term process of de-risking continues underneath.Thanks for listening. If you enjoy the show, please leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today

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After raising interest rates for the first time in more than three years, the Fed still doesn't see policy as restrictive. Our Global Head of Fixed Income Research Andrew Sheets breaks down what that could mean for the monetary policy path.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. Today, why the Federal Reserve may have raised interest rates and yet still thinks that monetary policy is providing support.It's Thursday, September 17th at 2pm in London. Yesterday, the Federal Reserve raised interest rates by a quarter of a percent. That part was widely expected. What was more notable was how Chair Warsh described it. At the press conference following the action, he said that the Fed had removed "a dose of accommodation," and he said that both he and many of his colleagues were hard-pressed to describe broader financial conditions as restrictive. That's an important distinction that now moves to the heart of the market debate. If monetary policy is already restrictive, another rate hike means that the Fed is pressing harder on the proverbial brakes on the economy. But if policy is still accommodative, a hike is more like easing off the gas. It means the Fed is simply providing a little less support. And if that is how the committee sees the world, it suggests that there could be further to go. Following yesterday's meeting, Morgan Stanley's economists now expect two additional quarter point rate hikes in December and March, taking the Fed's target rate range from 4.25 to 4.5 percent; and we then expect those rates to remain there through the rest of 2027.Three things are driving this updated view. First is exactly that language around accommodation. The interest rates that keep the economy in balance are always a mystery when viewed in real time. But given booming earnings growth, loan growth, and corporate activity, it's not obvious that the current level of interest rates are holding back activity for the economy as a whole. The Fed may believe that as well, making higher rates a little more palpable.Second is inflation. Chair Warsh repeatedly emphasized that trends matter here more than individual data points, and on that basis, inflation still looks too high. Too many categories are still running above 3 percent. The Fed simply does not sound convinced that inflation is moving sustainably back towards its 2 percent target as fast as it would like.Third is geopolitics. Chair Warsh explicitly cited geopolitical developments as one of the things that had changed since their meeting in July. He also made it clear that the Fed is watching not just high oil prices, but so-called second-round effects. And whether higher prices for fuel translate into higher prices for things that require a lot of fuel.Airline tickets, for example, are one of the areas of the economy where prices are going up the fastest. Higher oil prices are a key reason why. And so with energy markets still severely disrupted, this remains a wild card.There is, maybe, one other wrinkle. The committee also raised its estimate of the so-called long-run neutral interest rate – the rate that it thinks we'll ultimately end up at over the long term that will keep the economy in balance. And it raised this to about 3.25 percent.This is an uncertain estimate, and Chair Warsh himself downplayed its importance. But directionally, a view that the interest rate that keeps things in balance is higher means that any given interest rate that we see today is less restrictive on economic growth.It's less elevated relative to that neutral rate than we previously thought. That, too, leans towards the case for more tightening and more rate increases rather than less.None of this is set in stone. If energy prices fall, geopolitical tensions ease, or inflation improves more quickly, the Fed could stop earlier. But for now, we think the important message from this week's meeting was not simply that the Fed raised rates. It was that even after doing so, it still doesn't think that policy is especially tight. And if that's right, there may be still more to do. Thank you, as always, for your time. If you find Thoughts the Market useful, let us know by leaving a review wherever you listen. And also tell a friend or colleague about us today.

Our Global Head of Macro Strategy Matthew Hornbach joins our Chief U.S. Economist Michael Gapen to discuss the Fed's potential next moves and how energy prices are influencing market expectations.Read more insights from Morgan Stanley.----- Transcript -----Matthew Hornbach: Welcome to Thoughts on the Market. I'm Matthew Hornbach, Global Head of Macro Strategy at Morgan Stanley.Michael Gapen: And I'm Michael Gapen, Morgan Stanley's Chief U.S. Economist.Matthew Hornbach: Today, what the Federal Reserve decided at its September meeting and what it could mean for rates through the end of the year.It's Wednesday, September 16th at 4pm in New York.So, Mike, the Fed raised rates by 25 basis points at this week's meeting. What stood out to you the most in the decision? And when it comes to inflation, how do you think this 25-basis point rate hike is actually going to affect the inflation outlook?Michael Gapen: Yeah, so certainly the decision was in line with expectations. You know, obviously what we've learned in the very broad sense is that inflation isn't moving fast enough in the direction that the Fed wants. So, it's responding by tighter monetary policy. And that does set up a very interesting question which you just asked, which is: Well, is it going to work? Is this the right response to the inflation that we're seeing?So, if you do go back and reread that Jackson Hole speech, there's not a lot in there about the drivers of inflation, what's causing higher inflation. But it's clear the only response to above target inflation from the point of view of the chair was tighter monetary policy. So, the Fed is in a bit of a pickle.Most of us believe the majority of the inflation we're seeing is supply side driven from tariffs, from energy. At least in the past, let's call it supply chain disruptions, a de-globalization narrative. Some of it is demand side driven through AI. But I think we're all looking at that thinking modestly tighter rates isn't necessarily going to bring down that AI-related inflation.So, we're left to conclude that the Fed's in this uncomfortable position of saying, "Well, a lot of the inflation that we're seeing is supply side driven and from the structural AI story that we're not convinced higher rates can maybe address."So I think the answer would be, if inflation's going to come down, then higher rates will be weighing on the parts of the economy that are more interest rate sensitive and generally soft already.Matthew Hornbach: Is this a one and done? Or do you think that when the Fed actually goes ahead and hikes rates after a long pause, they are thinking about delivering more than just one rate hike?Michael Gapen: Yeah, I strongly believe the committee as a whole is thinking in terms of more than one move. Monetary policy doesn't, say, hyper-react. It reacts with a bit of a delay. So, to your point, they've been on hold for a while. When they think about changing policy, then they're thinking about a series of moves.So, I think in their mind, if they're raising rates, there's a strong probability that they will do at least one more or two more. They're never going to think that a 25-basis-point move in the funds rate will fundamentally change the macro-outlook. So, I don't think they'd ever walk into this thinking one and done.Now, it is possible we get an ex-post one and done. So, how could that come about? If it is true indeed that we're right that a lot of this inflation is supply-side driven. It is coming down. It's clear that the three- and six-month annualized rates are pointing to disinflation into year-end. We can debate whether it's fast enough or not.But if disinflation continues to happen, then the Fed will have hiked, expect to maybe do another one. But by the time we get there, inflation has improved enough, and they end up not doing it.So, they would sound like, "Oh, we're still ready. We still think we've got more work to do." But in the moment, the data just arrives in a way that they stay where they are. So you would look back and say it was a one and done, but I don't think they go into this thinking one rate hike is going to fundamentally change the story.Matthew Hornbach: Now, of course, the data that we'll get between today and the December meeting will likely have an impact on their decision-making – as well as any revisions that we end up getting.And I think one of the stories that investors have been talking about are some of the methodological changes that the Bureau of Economic Analysis is implementing into the PCE inflation data. Do you see any scope for those types of revisions to lend itself to a one and done type of a policy for this year?Michael Gapen: It is possible. There's uncertainty about what actually those revisions are going to bring. But quality adjustments to software, for example, will over time likely bring inflation lower. Some of the revisions to the other categories. So, we do think it will on average lower year-on-year rate of inflation by about 1/10 or so, maybe a little more.So, it could show up on the high side. And then you've got what looks to be a different path.So yes, I think one of the reasons to maybe go slower, think about perhaps a quarterly pace of hikes, as opposed to, "Oh, we're just going to ramp up three, four meetings in a row," is to let some of this play out. See what those revisions look like.So yes, it could contribute to a world where revisions plus softness in the incoming data mean they hike, say, in September, don't do another one after that. Or those revisions are part of the reason why they think a slower-moving cycle rather than a more aggressive one is appropriate.Matthew Hornbach: Does the labor market play any role today in monetary policy?Michael Gapen: I think it's certainly secondary, if not tertiary. I don't want to say that the committee as a whole sees the labor market just fine and we don't have any concerns there.What's super helpful from the rate hike perspective is labor income, wage income out of the labor market is still decelerating and pretty modest. It doesn't suggest that the economy's overheating and the labor market is a source of upward pressure on inflation. So, I think that's beneficial in terms of thinking of the rate hike cycle.In the other direction, I'd say we've had a number of months now of, kind of, you know, let's call it 50,000 to 70,000 jobs a month on average if you kind of smooth through some of the volatility. That's not amazing, but it's not awful either.So Matt, I'd like to turn it back to you. This is of course the economist's perspective. When we translate this into the rates market; rates market clients may have a very different view. But I would be interested to hear your thoughts on how you think the rates market is dealing with the inflation. I don't want to say impulse, but let's call it the sticky disinflation we're getting, the sources of that inflation, and how it sees monetary policy reacting.How is the rates market digesting all of this?Matthew Hornbach: So, I think actually investors are reasonably nonplussed about what's happening in the underlying rate of inflation in the country. But what has inserted itself into the conversation is the price of energy and how impulsively energy prices have risen over recent months.When we look at how market prices evolve with respect to the path for monetary policy, what we observe empirically is that if energy prices are going up in a given week or in a given month, the market reprices to a more hawkish path for Fed policy. And if energy prices come down in a given week or a given month, and we see the market pricing towards a less hawkish path for monetary policy.So, the primary driver of how the markets are pricing the future of Fed policy is, in fact, the changes in the price of energy commodities. So, Brent crude oil, WTI crude oil, gasoline prices. And so, this is something that we just can't get away from.There are, of course, other things that do influence the level of Treasury yields, but I would suggest that they are more secondary or tertiary themselves in terms of… Similar to the labor market. I would say they have less of an impact on the overall level of yields.So, with a market-implied hiking cycle from the Fed at about three hikes or so from here, given that the Fed just delivered one rate hike, you know, the 10-year treasury yield is around 5 percent. It was much lower earlier this year, and we were pricing in two rate cuts at that point in time.So, you get the sense that if the market's moving from pricing in two rate cuts to pricing in four rate hikes, and the 10-year yield goes from 4.25 percent to 5 percent, obviously there's a relationship there.One factor that investors are certainly interested in is – how does the debt stock play a role in the level of yields? And one of the things that I've been telling people to consider is that it's not the level of the debt, the amount of debt in the economy that matters most for the level of interest rates – as odd as that may be to hear for listeners. It's how quickly that debt stock grows.So, if the debt stock is going up at a certain pace, and that pace is within the bounds of investor expectations, then it typically doesn't have that big of an impact on the bond market. So, one of the factoids that may surprise people is: about four years ago, the news media was very interested in the fact that the amount of debt in the United States had breached $31 trillion. And, the 10-year treasury yield at that time had peaked at about 4.25 percent, somewhere around there.Well, earlier this year, before the conflict in Iran began, the 10-year treasury yield was also around 4.25 percent. But this is four years later, and over these four years, the U.S. has added $9 trillion to the debt.So, here again, this is a good example, I think, of this idea that you can have a dramatic expansion in the debt from [$]31 trillion to [$]40 trillion, and yet the 10-year treasury yield itself is broadly unchanged.And so that just, I think, should tell investors that it's not the size of the debt that matters per se. Lots of other factors can influence the level of treasury yields. And how the market thinks about the Fed is certainly among the more important of those.So, Mike, just want to say thanks again for taking the time to talk after another FOMC meeting.Michael Gapen: Great speaking with you, Matt.Matthew Hornbach: And thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.