Tom Keene

And the final trick question on the exam sophomore year, Jim Caron, is what does it mean if the bond markets worry, worry, hand-wringing worry, and Google can do a 100-year bond nine times over subscribed?

Jim, I

I've never seen this.

When you listen to your economics team, is the vector in goods inflation, usually it's a disinflation, and all of a sudden in the last six months, Jim Caron, I got goods inflation and rising inflation.

Is that going to reverse and get back to quote-unquote normal?

Should we get Jim Caron into trouble this morning?

Do you agree with the Posen-Orszag thesis of 4% inflation?

That's brilliant.

He's so trained by compliance.

I mean, he just absolutely nailed it.

Adam posted out on Twitter this morning recapitulating how we get to that worry of higher inflation.

The release, you will, the reaction function is through maybe a higher wage.

which we really haven't seen yet.

Well, that's a bet.

That's an outlier, as many people have said to us.

Jim Caron with us, and we'll stay with us with Morgan Stanley Investment Management as we go to the nation's inflation report, usually midweek.

It's on a Friday because of that brief government shutdown as well.

We'll give you the headline data, folks, but then we dive into it and give you the nuances we can on Bloomberg through the morning.

Jim Caron, this is Morgan Stanley.

I go to a weaker dollar out there, but some real churn in the market as well.