Jeff Rosenberg, Senior Portfolio Manager at BlackRock, joins Torsten Slok, Chief Economist at Apollo, and Michael Zezas, Global Head of Fixed Income & Public Policy Research at Morgan Stanley. They discuss the recent underwhelming jobs report and its implications for Federal Reserve policy. The trio evaluates the resilience of the economy amidst mixed signals and explores the potential impact of Trump's and Harris' fiscal policies on future market dynamics. They also dive into the shifting focus of the Fed from inflation to growth data.

Investors need to take the risk of a US government shutdown seriously, as it can have direct economic impacts such as delayed payments to workers and contractors. The indirect impacts include reduced economic activity. With Congress returning in September, investors should stay informed and expect updates on funding bills to avoid a shutdown.

Michael Zezas, Global Head of Fixed Income at Morgan Stanley, joins U.S. economist Diego Anzoategui to delve into the striking U.S. dockworkers' impact on the economy. They analyze how a prolonged strike could disrupt supply chains, potentially leading to significant declines in economic growth. The conversation highlights expected inflation increases in critical sectors like energy and machinery. Additionally, they discuss how labor statistics, including payroll and unemployment rates, may be affected depending on the strike's duration.

Michael Zezas, Morgan Stanley's Global Head of Fixed Income and Thematic Research, shares insights on the uncertain trajectory of the upcoming US presidential election. He highlights that investors should prepare for delays in result announcements, similar to the prolonged uncertainty seen in 2020. With tight races and increased mail-in voting, quick outcomes may not be guaranteed. Zezas urges patience and strategic thinking as the market grapples with this critical moment in US politics.

Michael Zezas, Global Head of Fixed Income and Thematic Research at Morgan Stanley, shares insights on the U.S. election landscape. Despite recent political events, he argues that the overall impact on investors remains minimal. Key points include the nominal effect of third-party candidates, like Robert F. Kennedy Jr., and how historical trends suggest these candidates rarely alter election outcomes. Zezas emphasizes the importance for investors to focus more on economic indicators than the election cycle itself.