Lisa Abramowicz

Mike Wilson of Morgan Stanley, have a wonderful Thanksgiving.

Thank you for being here.

They track everything under the sun.

Four new ETFs launch a day and they take in $4 billion every day.

So it's where all the money's flowing to and a lot of the innovation is happening.

I call it the Silicon Valley of the investing world.

Bloomberg Audio Studios.

Podcasts.

Radio.

News.

And it's an even tougher job for investors to understand how the FOMC is going to respond to that data because the reaction function doesn't seem clear.

You have a lot of dissent, you've got a lot of fissures on the committee, but you also have, frankly, a question of

how much they're looking at the unemployment rate versus the actual total number of jobs and how much that's taking priority over inflation.

Do you have a greater sense of what that reaction function is?

Is this a Fed that has a dual mandate still, or does it have more mandates than that?

And I wonder if it's also keeping interest rates within a reasonable level, especially with the deficit where it is, if that's an increasing factor, even if not verbalized, in the back of people's heads.

Esther, if the Supreme Court overturns the president's use of IEPA for tariffs, and you don't have that revenue coming in, and that isn't necessarily any kind of discussion on the inflationary pressure if that money gets refunded, do you think that gives the incentive to the Federal Reserve, the FOMC, to cut rates more aggressively?

In order for that transition to work, the Fed has to cut, though.

That's what it's contingent on.

If you look at the Fed next year, are you just expecting a Federal Reserve that's markedly different than it is today?