The Fed Is Not Going to Pivot, Morgan Stanley's Wilson Says

The video discusses the unattractive state of equity markets and the Fed's incomplete job. It highlights the return of the 'fire and ice' narrative and the impact of excessive monetary policy on investor complacency. The discussion shifts to investor realism about the Fed and inflation, emphasizing the negative operating leverage that is not fully accounted for. The speaker expresses high conviction that earnings expectations are too high, similar to underestimations of the Fed's actions. The market's reaction to these factors, including earnings revisions, is also covered.

According to the speaker, how are earnings expectations compared to reality?

What does the speaker suggest about the timing of earnings revisions?