Morgan Stanley – The BEAT, Nov 2025

The BEAT is a monthly global market and asset allocation guide that connects changing market events with implications for investor portfolios.

It covers Bonds, Equities, Alternatives, and Transition. Credit risks are seen as idiosyncratic rather than systemic, with increased scrutiny on underwriting credit risk. A positive outlook is anticipated after a 4Q soft patch, with consumer stimulus and business investment driving growth. The Federal Reserve's approach to rates is discussed, with a focus on the Phillips Curve and the relationship between wage inflation and unemployment. Labor availability at reasonable prices is expected to support higher growth expectations in 2026.