From the Global Director of Research: Charts That Caught My Eye

Research evidence excerpt

From the Global Director of Research: Charts That Caught My Eye

Idea

June 23, 2026 04:01 AM GMT

Morgan Stanley & Co. LLCMFrom the Global Director of Research | North Katy L. Huberty, CFA

America Global Director of Research

Kathryn.Huberty@morganstanley.com +1 212 761-6249

Morgan Stanley Research

AnalystCharts That Caught My Eye erteam@morganstanley.com

A guiding principle at Morgan Stanley Research is to enhance

your investment process by delivering unique insights that

separate the signal from the noise. An intuitively designed and

well-crafted chart can often accomplish this with exceptional

clarity.

With that mission in mind, these charts in our recently published research stood out

to me.

1. US Economics: The Fed's inflation expectations look high to us.

2. US Rates Strategy: We expect the approach signaled by Chair Warsh will

lead to noisier front end and a more volatile shape for the US yield curve.

3. Gold: The gold price has reconnected with real US yields, which implies Fed

policy could be a key driver of gold.

4. US Equity Strategy: Since Warsh's nomination in February, the S&P 500-to-

Gold ratio is up ~40% – which we view as the market's vote of confidence.

5. Europe Equity Strategy: Overall breadth has risen only gradually from the

lows, which suggests to us that the SoH reopening is not fully priced in.

6. China Economics: We believe the deepening "two-speed economy" calls for

policy fine-tuning rather than a broad pivot.

7. Global Autos: We expect China OEMs’ market share gains in Europe to

continue.

8. Energy Transition: With a 30-40% cost advantage over lithium, we think

new sodium-ion batteries could take 20% market share by 2030.

Please reach out to me with feedback on these or any other key investment debates.

Thank you for your partnership.