Jonathan Ferro

I'm sure you were following along.

Do you think this Federal Reserve is attempting to address a structural problem with interest rates?

Esther, where do you think we'll be on December 10th?

I've got no idea how much data we'll have.

Do you think we can settle any of these debates by the time we get to the middle of next month?

So, Esther, is that another way of saying that race might remain on hold for some time, at least until, say, spring of next year?

Esther, powerful final point.

Appreciate an update from you.

As always, the former Kansas City Fed president, Esther George there on the Federal Reserve.

Mike, good morning, sir.

Good morning, John.

I want to pick up on, I think, a core view of yours for 2025.

Going into 2026, recession's behind us.

I think that's somewhat unique to you and the team at Morgan Stanley.

Just build that out for us.

Can we finish on big tech?

Sure.

These companies are changing.

We're used to companies that were investing tons.

Ultimately, they were giving it back to shareholders.