Masters in Business Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner
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Aug 22, 2025 Ellen Zentner, Chief Economist Strategist at Morgan Stanley, shares her insights on tariffs and Federal Reserve independence. She highlights the unexpected resilience of businesses amidst trade uncertainties and explores the complexities of economic data integrity. Ellen reflects on her unique journey from Texas to Wall Street, discussing the critical role of mentorship and AI in thematic investing. The conversation touches on the influence of demographic trends like Gen Z on the economy and the importance of maintaining independent monetary policy to safeguard against instability.
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Mountain-Drive Career Beginning
- Ellen Zentner started college late after an extended gap and chose a commuter campus at University of Colorado Denver.
- She fell in love with mountains on the drive up and felt immediately at home when she saw them.
State Government Was A Formative Launchpad
- Zentner returned to Austin and joined the Texas Comptroller's Revenue Estimating Division after graduate school.
- The biennial legislature structure meant intense work spurts and shaped her early macro experience.
2008: From A Different Desk
- At Bank of Tokyo-Mitsubishi she was often a one-person economics team and witnessed the 2008 crisis from a Japanese firm vantage point.
- She recalls colleagues told to go home Friday and not know Sunday if the firm would reopen.
