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<p>In the first of a two-part episode presenting our 2026 outlooks, Chief Global Cross-Asset Strategist Serena Tang has Chief Global Economist Seth Carpenter explain his thoughts on how economies around the world are expected to perform and how central banks may respond.</p><p>Read more <a href="https://www.morganstanley.com/insights?cid=mg-SM_CORP-insights-17607" rel="noopener noreferrer" target="_blank">insights</a> from Morgan Stanley.</p><p><br></p><p>----- Transcript -----</p><p><br></p><p><strong>Serena Tang:</strong> Welcome to Thoughts on the Market. I'm Serena Tang, Morgan Stanley's Chief Global Cross-Asset Strategist. </p><p><strong>Seth Carpenter:</strong> And I'm Seth Carpenter, Morgan Stanley's Global Chief Economist. </p><p><strong>Serena Tang:</strong> So today and tomorrow, a two-part conversation on Morgan Stanley's year ahead outlook. Today, we'll focus on the all-important macroeconomic backdrop. And tomorrow, we'll be back with our...