In year of fairly high inflation this is a big deal and I don't suggest it will go down well. To be a bit cynically Machiavellian ... 'any' kind of raise would

In year of fairly high inflation this is a big deal and I don't suggest it will go down well. To be a bit cynically Machiavellian ... 'any' kind of raise would have allowed them to at least avoid the 'no raise' kind of language. This feels like a short sighted tactic - the economy is doing 'well enough' and MS is definitely forward looking at this point, this is going to be a bit of subtle 'sand in the gears'.