Michael Zezas
Deputy Global Head of Research, Morgan Stanley · Public policy strategist
“Things are not going back to normal. The old Washington consensus — free trade is good, government should not be involved in the economy, multilateral institutions are good — voters don't see the value in any of that now. Trade barriers are going up, they're not coming down.”
“It was complicated to understand when these trends would actually manifest in real tangible investable themes — why policy calls are so difficult to translate directly into investment outcomes.”
Michael Zezas
One-line summary: Morgan Stanley Deputy Global Head of Research; the bank's US public-policy strategist. Argues the post-2016 'new Washington Consensus' (permanent trade barriers, active industrial policy) is durable — and that policy calls are hard to translate into investable themes.
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On us-industrial-policy-tariff-shield:
"Things are not going back to normal. The old Washington consensus — free trade is good, government should not be involved in the economy, multilateral institutions are good — voters don't see the value in any of that now. Trade barriers are going up, they're not coming down." — 2026-06-19-podcast-the-compound-and-friends-the-world-you-knew-is-never-coming-back-with (2026-06-19)
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On us-industrial-policy-tariff-shield:
"It was complicated to understand when these trends would actually manifest in real tangible investable themes — why policy calls are so difficult to translate directly into investment outcomes." — 2026-06-19-podcast-the-compound-and-friends-the-world-you-knew-is-never-coming-back-with (2026-06-19)
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