Morningstar, Inc. - September 18, 2025
The Fed’s ‘Difficult Situation’: Reading Between the Lines of the September Dot Plot
Plus: Why the next winners in the AI boom may not be AI stocks...
 Morning DigestSeptember 18, 2025 Sarah Hansen Inflation is sticky, but the labor market is cooling. How will the Fed handle rate cuts from here? 
ADVERTISEMENT  Editor's Picks  Risks to the labor market point to easier monetary policy ahead. Preston Caldwell  Low costs and tax efficiency are obvious pluses, but so are ease of oversight and cash flow extraction. Christine Benz  Vanguard Chief Economist Joe Davis thinks artificial intelligence could revitalize value stocks. Dan Lefkovitz Investing Insights Razor-thin fees and broad exposure give large-cap stock investors a competitive edge. Brendan McCann These real estate ETFs earn top ratings from Morningstar in 2025. Susan Dziubinski Diversification and a sense of conservatism continued as themes, while growth funds drove equity outflows. Joe Bullard, Drew Carter Rising energy demand lifts prospects for renewables, nuclear power, and grid infrastructure. Hortense Bioy We believe the deal is more symbolic than economically significant. Mark Giarelli We think the deal maintains Oracle’s existing benefit from hosting TikTok with limited upside. Luke Yang New Stock Analyst Reports Hims & Hers (HIMS) is one of the leading telehealth firms in the US. Since its 2017 launch, the platform has connected patients with healthcare providers across specialties including erectile dysfunction, hair loss, and weight loss. Subscribers have soared from 290,000 at the end of 2020 to over 2.5 million in 2025, with roughly half of the growth driven by the late-2023 launch of its weight-loss program. The introduction of compounded GLP-1s (diabetes and weight-loss) in May 2024, amid the branded medication shortage, spurred significant demand for the platform. However, following the US Food and Drug Administration’s resolution on the semaglutide shortage in February 2025 and the end of enforcement discretion for 503B compounders in May, we expect weight-loss revenue to decline sharply, from $740 million in 2025 to below $570 million in 2026. The Tools You Need to Invest Like an Analyst Stay connected:
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