The global stock market will face major changes. According to some experts, these transformations will be groundbreaking. Market participants have become accustomed to low interest rates and cheap borrowing in recent years. Now they will have to rethink their strategies.

Morgan Stanley's co-president Ted Pick, an ardent advocate of revolutionary ideas, was one of the first to predict fundamental changes to the global stock market. Pick believes that the coming changes will be so serious that they will result in a paradigm shift. The current conditions in global stock markets differ greatly from the state of affairs over the last 15 years that was driven by the monetary policy of low interest rates. The banker also pointed out that the global economic situation was being driven by conditions that had not been observed for several decades.

Pick expects the transition to a new phase of development will take from one to two years. In the near future, "fire and ice" of inflation and recession will alternate every few months. Morgan Stanley's co-president said that rising interest rates, after several years of being low, would signal increased earnings for commercial and investment banks. However, many other sectors of the economy will have to deal with a challenge.