Morgan Stanley Research: Key Forecasts

This Global Idea presents Morgan Stanley's key 12-month forecasts and high-conviction calls. The US and global economic outlook remains constructive: US 3Q26 real GDP growth is tracking at 3.1% annualized, September CPI surprised to the upside with both core goods and core services stronger than expected, and the Fed is expected to stay on hold in October before hiking 25bp in December. Euro area growth remains resilient on steady exports and public investment, with the ECB seen adding one more hike in December;