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By Lewis Krauskopf NEW YORK (Reuters) - Morgan Stanley equity strategists said on Monday that markets are in a

STORY CONTINUES BELOW THESE SALTWIRE VIDEOSBy Lewis Krauskopf

"We view this year as an extension of the late cycle period often experienced when the is expected to pause or reverse its hawkish policy stance," strategists led by Michael Wilson said in a research note. But the bank's strategists said they were"overweight" the sector, calling it a"late cycle outperformer given its defensive and growth properties."

Overall, the strategists'"late cycle playbook" included a"barbell" portfolio approach with defensive growth on one side and energy and industrials - two areas that tend to benefit in strong economies - on the other.

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