Morgan Stanley CEO James Gorman predicts investors will have clarity on when inflation will slow by the middle of next year.

The megabank chief made the remarks Oct. 14 during a call with analysts after the firm disclosed its third quarter results. Despite economic concerns surrounding inflation and falling stocks in recent months, Morgan Stanley’s wealth management division posted higher profits due to higher interest rates, higher loans and tens of billions of dollars in net new assets. Gorman’s views on the economy diverged slightly from rival CEOs’ more upbeat comments that day on earnings calls held by JPMorgan Chase and Wells Fargo.

Gorman is “surprised every time I see someone on TV who seems surprised by this,” he said of the stock plunge and larger economic worries. Russia’s invasion of Ukraine, the highest inflation in 40 years, the easing of pandemic fiscal stimulus, and – before recent Fed hikes – zero interest rates during the most of the previous decade made them inevitable, Gorman said. Like other specialistshe criticized the Fed for the central bank’s delay in raising interest rates.

“With this, there will be consequences. We haven’t seen clarity on reducing inflation,” he said. according to a transcription by Seeking Alpha. “I guess we’ll see that clarity, and it will definitely be more evident by the middle of next year. … You’re going to see some disruption. We see it.”

To see the most interesting wealth management findings from Morgan Stanley’s third quarter results, scroll through the slideshow. For an overview of Wirehouse’s second quarter results, Click here. To see Morgan Stanley’s first quarter earnings coverage, follow this link.

Note: Unlike rivals such as JPMorgan Chase and Wells Fargo, Morgan Stanley does not disclose its exact workforce. Recruitment firm Diamond Consultants valued the distribution center had approximately 16,000 advisors at the end of the second quarter.