183. Fixed Income Strategy 101 Feat. Morgan Stanley's Global Head Macro Strategy, Matt Hornbach

The Wall Street Skinny · Sep 20, 2025 · 1h 13m

Send us Fan Mail The day after the FOMC’s first rate cut of 2025, we sat down with Matt Hornbach, Global Head of Macro Strategy at Morgan Stanley, to unpack what the decision really meant, and what the markets maybe got wrong on first read. Matt talks about the shifting dissenters, how updates to the Summary of Economic Projections present a more complicated picture for the future path of rate cuts, and why Powell’s tone at the presser felt at odds with the statement itself. We also dig into the Fed’s often-misunderstood, rarely referenced “third mandate” (moderate long-term rates), the…