Bloomberg Talks Ellen Zentner Talks Market Volatility, Oil and Iran
Apr 1, 2026
Ellen Zentner, Chief Economic Strategist at Morgan Stanley Wealth Management, offers quick macro perspective and client-facing market guidance. She discusses navigating market volatility with a thematic approach. She covers oil-market impacts from the Iran conflict and how fuel costs hit lower-income households. She also contrasts spending patterns across income groups and the role of business investment and policy.
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Ellen's 23 Year Radio Reunion
- Ellen reminisced about first appearing on the show 23 years ago and her long radio history with Tom Keene.
- The hosts jokingly recall fly fishing conversations and Ellen's early radio appearances from 23 years prior.
Volatility Forces Long Term Thematic Thinking
- Geopolitical volatility is shifting client conversations from short-term trading to long-term themes.
- Ellen Zentner says uncertainty drives focus on national security, resource nationalism, scarcity, and defense spending as durable portfolio considerations.
Strait Disruptions Have Persistent Economic Effects
- Oil and shipping disruptions create lingering price effects even if routes reopen quickly.
- Zentner warns pipeline shortages and higher input costs persist, raising recession probability to about 40%.