00:00So, Andrew, you absolutely nailed the CPI data. You said it would come in a little bit less than
00:04markets expected and that that would allow the Fed hold for the rest of the year. But you also
00:09said that a couple of risk factors such as this sell-off in chips and potentially a re-escalation
00:16of the Iran war could derail things. Are you now having to rethink your base case for the rest of
00:20the year? Yeah, thanks, Vani. It's great to be here. So our economists did, I think, have a great
00:26call on inflation. And that remains a really important view for us at Morgan Stanley over
00:31the balance of the year. We don't think it was just about one print of benign CPI that those
00:37inflation numbers continue to moderate through the second half of the year. And that allows the
00:41Fed to stay on hold this year and ultimately cut. So the Fed is not the problem in our view
00:47in terms
00:48of markets. But there is going to be ongoing concern around AI spending. And there is going to be, I
00:54think, rightly concern if the straighter from Moose does not open as normal. But and I think for now
00:59it's the AI piece in focus. It's such a big part of the economic story. It's such a big part
01:05of the
01:05earning story. And it's such a big part of the positioning story for investors that there's just no way to
01:10get
01:10around it.
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