Morgan Stanley: 10-Year Yields Have "Decisively" Broken Through The Risk Level For Stocks
By Michael Wilson, Morgan Stanley chief equity strategist
In our first note of the year, I cited three potential macro outcomes for 2024 with similar probabilities:
A soft landing with slowing/below-potential GDP growth and inflation falling toward the Fed's target of 2%;
A no landing scenario under which GDP growth re-accelerated with stickier inflation; and
A hard landing.