Pivot from stocks to bonds because investors are 'fighting the Fed', Morgan Stanley says

• The early 2023 stocks rally will prove short-lived, so investors should pivot to bonds, Lisa Shalett said.
• Further Federal Reserve tightening is set to weigh on stocks, the Morgan Stanley Wealth Management CIO said.
• "Equity and credit markets are aggressively fighting the Fed," the investment chief said.

Investors should pivot away from stocks to bonds, as markets are still blindly fighting the Federal Reserve despite policymakers' commitment to hiking and holding interest rates if needed, a top Morgan Stanley strategist has said.