Inflation is the 'one thing' holding up revenue growth, warns Morgan Stanley's Wilson of a potential selloff in stocks

That’s Morgan Stanley’s Mike Wilson, chief U.S. equity strategist, warning investors on Wednesday of the hazards of cheering recently cooler inflation data.

While price pressures have pulled back from peak levels last summer, easing, “especially for goods, is a sign of waning demand,” Wilson said in a new client note, adding that “inflation is the one thing holding up revenue growth for many businesses.” Stock have been moving little this week, despite a pickup in quarterly earnings. The Dow Jones Industrial Average DJIA shed about 80 points on Wednesday, but the S&P 500 and Nasdaq Composite Index COMP were mostly unchanged for a second straight session.

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