Global Macro Video: Why Global Macro?

Morgan Stanley Investment Management (MSIM), through investment funds managed by Morgan Stanley Infrastructure Partners (MSIP), its private infrastructure investment platform, today announced it has agreed to sell its ownership stake in Thermal Bayonne Holdings, LLC (Bayonne Energy Center or Bayonne) to Jupiter Energy Investor, LLC.

An investor cannot focus on growth and avoid obsolescence at the same time—innovation doesn’t work that way. The investor’s job is not to hide from AI disruption, but to manage it and monetize the potential dispersion it creates.

"Over the last couple of years, as a result of higher rents and labor costs, tenants have consolidated their requirements, especially in the expensive coastal markets. As a result, market rents have declined by nearly 7% nationally from peak levels, and by over 40% in the Inland Empire.1 At the same time, construction costs have increased (hard costs, labor, financing).The confluence of lower rents and higher construction costs (together with wider yields) have led to a pullback in new supply."

For decades the U.S. was the architect and anchor of a rules-based global system. But as Washington’s economic engagement with the world becomes driven more by national priorities rather than institutional commitments, the rest of the world is quietly building buffers and hedging U.S. dependency. As Jitania Kandhari and Saumya Jain explain, this is not the end of globalization, but the gradual de-Americanization of it.