Global Macro Commentary: June 23: A Day of De-Risking

Research evidence excerpt

Global Macro Commentary: June 23: A Day of De-Risking

Update

June 23, 2026 10:06 PM GMT

Morgan Stanley & Co. LLCMGlobal Macro Commentary | North America Molly Nickolin

Strategist

June 23: A Day of De-Risking Molly.Nickolin@morganstanley.comLingdi Xu +1 212 761-3592

Economist

Lingdi.Xu@morganstanley.com +1 212 761-2957

AI-led equity de-risking spread from Korea to US tech; USD Sofia Palacios

strengthened on haven demand and Fed hike bets; oil and StrategistSofia.Palacios@morganstanley.com +1 212 761-0428

breakevens fell; KOSPI dropped 10.0%; DXY at 101.37 (+0.3%); Morgan Stanley Asia Limited+

US 10y at 4.50 (-1.2bp). Gek Teng Khoo

A leveraged unwind in AI-linked equities drove a risk-off rotation into the dollar Gek.Teng.Khoo@morganstanley.com +852 3963-0303

and front-end Treasuries, while lower oil prices helped ease inflation-risk Morgan Stanley MUFG Securities Co., Ltd.+

pricing. Hiromu Uezato

Hiromu.Uezato@morganstanleymufg.com +81 3 6836-8431

Developed Markets

Morgan Stanley India Company Private Limited+

• US rates bull-steepened as investors rotated into duration amid the AI- Nimish M Prabhune

led equity unwind, with front-end yields leading the rally (2y: -2.7bp; 10y: Strategist

Nimish.Prabhune@morganstanley.com +91 22 6996-1862

-1.2bp; 30y: -0.3bp). The move was driven less by a deterioration in macro

data and more by de-risking across crowded technology and momentum Morgan Stanley & Co. International plc+

Maria Chiara Russo

exposures, which increased demand for traditional safe havens. Treasury

gains were reinforced by weaker oil prices and a broad decline in inflation Maria.Chiara.Russo@morganstanley.com +44 20 7677-3499

compensation, with 2y breakevens falling 5.1bp and 10y breakevens down

3.1bp. The $69bn 2y auction stopped through the when-issued level at