Morgan Stanley's CEO says 'China has made a major, major pivot' economically. inflation economy
Morgan Stanley CEO James Gorman says two changes have happened recently that “really matter” to the economy. The executive explained that inflation has clearly peaked and China has made a “major, major pivot” economically.The chairman and CEO of global investment bank Morgan Stanley, James Gorman, discussed the U.S. economy and China’s relationship with the U.S. in an interview with CNBC Thursday in Davos, Switzerland.
He added that the question is can the Federal Reserve get to its 2% inflation target and “how hard will they try to get to 2% vs. stabilizing around 3%, 4%.” The second thing that happened is China has made a major, major pivot. Now the focus was on the reopening which was obviously critical. U.S. Treasury Secretary Janet Yellen met with China’s Vice Premier Liu He on Wednesday “as part of efforts to deepen communication and work together to address global challenges,” the Treasury explained last week. In November last year, President Joe Biden and President Xi Jinping also met in Bali and “agreed to empower key senior officials to engage in these issues,” the Treasury further noted.
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