Lisa Abramowicz

And we've already seen some nervousness in the bond market, skittishness about the size of debt that they have to absorb, the mega merger deals that are coming out that are also financed by debt.

All of that together, along with the fact that we're now going to see in 2026, the government debt is going to eclipses the size of the economy.

It has not done that since World War II.

And so we're moving into new territory.

And I think a lot of people are sort of looking at the way the world was rather than what's changing.

And things are changing very rapidly.

It would certainly add a lot more stimulus to what we're already seeing.

And stimulus is heat.

Heat is inflation.

Unless you can really get all those offsets from AI in the right places.

And I think that's the hard part is the old economy is where the tariffs are hitting the hardest in manufacturing activity.

And we are seeing it come through in prices.

And we're also seeing labor shortages, even as the labor market weakens, in pockets where immigrants have dominated.

That's showing up in prices as well, in home elder care, childcare costs, all soaring.

That was just in September.

And those shortages have only gotten worse since then.

As traders await the release of key economic data, albeit highly stale, we begin this hour with stocks eyeing a rebound as we head into that shortened Thanksgiving trading weekend.

The team at Morgan Stanley releasing their outlook for 2026, writing, we raise our S&P 500 price target to 7,800, driven by strong earnings growth.

We believe that we're in the midst of a new bull market,

and earnings cycle, especially for many of the lagging areas.