By Michael Zezas, global head of fixed income research at Morgan Stanley

A Debate, but No Resolution

Last week, Vice President Harris and Former President Trump met in Philadelphia for a debate. Investor interest was high, and understandably so. As our Chief Economist Seth Carpenter highlighted last week, visibility remains low when it comes to the outlook for the US in 2025. That’s because the election could put the county on policy paths that take economic growth in different directions. And of course, the last presidential debate in June led to President Biden’s withdrawal, changing the race dramatically. Hence, any election-related event that could provide new information about the probability of different outcomes and the resulting policies is worth watching.