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Single best idea and a little background here. In each firm, there's basically two sides. In the old old phrase is there's a Chinese wall between them. You don't hear that phrase anymore because of the sensitivities of our society. But the Chinese wall is still a wall. So maybe it's a big, big brick wall. And when you have investment banking and you have an initial public offering where you're selling shares of the public, research and management really can't
talk about a specific deal. So I have Lisia Shaladan today Morgan Stanley Wealth Management, and I know and she knows it's really rude of me to ask a question about, say, a small Elon Musk company called Space. So the way we frame this was to say to Lisa Shalott, the IPOs that are coming in, now, what's it mean? As announced last night that they have to play by the index rules. Lisa Shalott class act from Morgan Stanley.
I was extraordinarily cheered by the S and P five hundred index decision. I think it maintains, you know, quote unquote the rules of the game. I think it maintains the integrity of that index, given how important it is to the fundamental foundational integrity of retirement savings, and so, you know, I think having rules sticking to them is you know, part of what makes American capital markets, you know, so prized around the world. And I was very happy with with with that decision.
Lisa Shallatt driving all the leadership and men of Morgan Stanley Wealth Management, it was Job's day. We were so fortunate after that big number, the big move yields, higher price, lower equities, trading off dollars, stronger yen, weaker through one sixty to have with us. Francis Donald of URBC Capital Markets her interpretation of this key report.
There are so many interesting stories within this May job report that are really synonymous with other trends that we're seeing. So, for example, there's some cyclical momentum forming underneath. The gains that we saw today were pretty broad across all the sectors, not just about healthcare. There are signs the consumer is okay.
So leisure and hospitality having a big number. We watched that not because we're trying to forecast the next leisure and hospitality number, but because we want to know what the consumer's doing. We're looking for evidence of tariffs impacting the job market, and so far that seems okay as well. Looks like businesses are passing on those price pressures or the inflation channel, not through the jobs channel. And we still got a hearty support from those healthcare added jobs.
So when I put that story together, you know, for a long time, the goal of the economist was to get that non farm payroll number right. You know, you were sort of measured by how well you could forecast that. I don't know if it's just because I'm getting older, but now I use the NFP number to help me forecast where the economy is going to be in six to twelve months. And when I do that, it tells me that our view that we're going to come in around two percent growth this year is right on track.
Francis Donald of RBC, there really a game changing jobs report today at the headline that came out during the show after the report that the futures market, the betting industry, if you will, in the FED looks for a rate increase sometime here into two thousand twenty six. We're on Apple, We're on Spotify and YouTube, podcasts, single Best Idea
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