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<p>Our Chief U.S. Economist Michael Gapen breaks down how growth, inflation and the AI revolution could play out in 2026.</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>Michael Gapen:</strong> Welcome to Thoughts on the Market. I’m Michael Gapen, Morgan Stanley’s Chief U.S. Economist.</p><p>Today I'll review our 2026 U.S. Economic Outlook and what it means for growth, inflation, jobs and the Fed.</p><p>It’s Tuesday, November 25th, at 10am in New York.</p><p>If 2025 was the year of fast and furious policy changes, then 2026 is when the dust settles.</p><p>Last year, we predicted slow growth and sticky inflation, mainly because of strict trade and immigration policies – and this proved accurate. But this year, the story is changing. We see the U.S. economy finally moving past the high-un...