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<p>Our Chief U.S. Economist Michael Gapen and Global Head of Macro Strategy Matthew Hornbach discuss potential next steps for the FOMC and the risks to their views from the U.S. government shutdown. </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>Matthew Hornbach:</strong> Welcome to Thoughts on the Market. I'm Matthew Hornbach, Global Head of Macro Strategy.</p><p><strong>Michael Gapen:</strong> And I'm Michael Gapen, Morgan Stanley's Chief U.S. Economist.</p><p><strong>Matthew Hornbach:</strong> The October FOMC meeting delivered a quarter percent rate cut as widely expected – but things are more complicated, and policy is not on a preset path from here.</p><p>It's Friday, November 7th at 10am in New York.</p><p>So, Mike, the Fed did cut by 25 basis points in October, but it was not a una...