# Michael Gapen

Markdown copy of https://realalpha.app/people/michael-gapen/ on Real Alpha, the best minutes from long interviews with the people building AI. Cite and link the page, not this copy.

Real Alpha has cut 2 moments of Michael Gapen (Chief U.S. Economist, Morgan Stanley) talking, from an interview on Prof G Markets published Oct 29, 2026.

- Role: Chief U.S. Economist, Morgan Stanley

## What Michael Gapen said

- [Gapen expects core inflation to stay above target into 2027](https://realalpha.app/s/gapen-expects-core-inflation-to-stay-above-target-into-2027/)
  Prof G Markets · Oct 29, 2026 · 5 min
  > “core is probably a reasonable measure of where underlying inflation trends are that'll probably be 3.1 percent year on year” — Michael Gapen · [26:36](https://realalpha.app/v/hlS_LWOZsNU/?t=1596)
- [The Fed is watching for energy costs to spread into other prices](https://realalpha.app/s/the-fed-is-watching-for-energy-costs-to-spread-into-other/)
  Prof G Markets · Oct 29, 2026 · 3 min
  > “So yes, gas prices go up and diesel goes up, but we want to prevent it from spilling over into other parts of the economy.” — Michael Gapen · [20:16](https://realalpha.app/v/hlS_LWOZsNU/?t=1216)

## Also from this interview

- [Microsoft's buyout plan could take headcount below pre-pandemic levels](https://realalpha.app/s/microsofts-buyout-plan-could-take-headcount-below-pre/)
  Prof G Markets · Oct 29, 2026 · 4 min
  > “If Microsoft actually eliminates 27% of its workforce, like they're suggesting, then their total headcount will actually be lower than what it was before the pandemic.” — Ed Elson · [32:49](https://realalpha.app/v/hlS_LWOZsNU/?t=1969)

## The episode

- [Microsoft Rises, Google Tanks: Why Investors Are Polarized On Big Tech](https://realalpha.app/v/hlS_LWOZsNU/) · Prof G Markets · Oct 29, 2026