Corporate activity is likely to pick up this year, but don’t expect a sudden surge in deals just yet, Morgan Stanley CEO Ted Pick said in an interview with CNBC at Davos. There’s a ton of activity buzz so deal’s are going to happen, he said. People want to scale up and there’s a backlog of sponsor activity, so Pick thinks the pace of activity in the advisory business in particular is going to quicken, especially in the mid- to large-caps. “It’s not going to bang, but once people start getting going, I think we’re going to see a bunch of it.” He added that the U.S. is probably past peak inflation and it’s not inconceivable that the Federal Reserve cuts faster than current market pricing.