Cross-Asset Spotlight: Hawkish Repricing Ripples

Research evidence excerpt

Cross-Asset Spotlight: Hawkish Repricing Ripples

Update

June 22, 2026 06:21 PM GMT

Morgan Stanley & Co. LLCMCross-Asset Spotlight | Global Serena W Tang

Strategist

Hawkish Repricing Ripples Serena.Tang@morganstanley.comMorgan Stanley India Company Private Limited+ +1 212 761-3380

Soham Sen

Signals, Flows, & Key Data: A weekly summary of key cross-asset StrategistSoham.Sen1@morganstanley.com +91 22 6995-2014

monitors, data, moves, and models tracking sentiment, fund

Morgan Stanley & Co. International plc+

flows, and positioning. Last week, Brent fell 7.7%, the DXY rose Erika J Singh-Cundy

1.1% and the UST curve twist flattened. StrategistErika.Singh-Cundy@morganstanley.com +44 20 7425-0960

Key highlights from last week: Yimin Huang

• The S&P 500 gained 0.9% last week. Our US equity strategists continue to Yimin.Huang@morganstanley.com +44 20 7677-2870

view the Warsh nomination and subsequent appointment as a market- Recent Research:

stabilizing event even if it leads to short-term turbulence. Cross-Asset Playbook: Half-Time, Full Speed (19

• The DXY rose 1.1%. Our G10 FX strategists' FX options positioning scores Jun 2026)

indicate investors reduced long USD positions after peace deal hopes. Cross-Asset Conversations: The Path Forward

• The UST curve twist flattened. Our US rates strategists see equity financing for Metals | Ep. 145 (18 Jun 2026)

costs and dealer equity repo exposure at record levels, and think a reversal Cross-Asset Brief: MSI Turns Positive (16 Jun

would see hawkish Fed pricing unwind. 2026)

• Brent fell 7.7%. Our oil strategists still see a tight summer ahead, and expect Cross-Asset Strategy: Global In the Flow – May

Dated Brent can rebound from current levels into 3Q. Recap (1 Jun 2026)

Exhibit 1: Morgan Stanley forecasts