*Walter Bloomberg|Nov 20, 2025 15:38
🚨 MORGAN STANLEY DROPS DECEMBER CUT, SEES THREE IN 2025
Morgan Stanley’s Michael Gapen says stronger payrolls reduce the risk of rising unemployment. The bank no longer expects a December Fed cut and now projects three cuts next year—in January, April, and June—keeping its terminal rate forecast at 3–3.25%.(*Walter Bloomberg)
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