Global Macro Commentary: July 15: Soft Inflation, Lower Yields

Research evidence excerpt

Global Macro Commentary: July 15: Soft Inflation, Lower Yields

Update

July 15, 2026 10:20 PM GMT

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

Strategist

July 15: Soft Inflation, Lower Molly.Nickolin@morganstanley.comLingdi Xu +1 212 761-3592

Economist

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

Yields Sofia Palacios

Sofia.Palacios@morganstanley.com +1 212 761-0428

Soft US PPI reduced Fed hike bets; Treasuries bull-steepened;

Morgan Stanley Asia Limited+

USD weakened; GBP led G10; Asian tech rallied; oil gained on Gek Teng Khoo

geopolitical tensions; DXY at 100.51 (-0.4%); US 10y at 4.55 (- StrategistGek.Teng.Khoo@morganstanley.com +852 3963-0303

4.2bp).

Morgan Stanley MUFG Securities Co., Ltd.+

Hiromu UezatoA second consecutive downside US inflation surprise reduced near-term

tightening expectations, supporting front-end rates and risk-sensitive currencies Hiromu.Uezato@morganstanleymufg.com +81 3 6836-8431

even as higher oil prices and geopolitical uncertainty limited the rally in longer-

Morgan Stanley India Company Private Limited+

duration assets. Nimish M Prabhune

The 2026 Extel Global Fixed Income Poll is now open and your participation Nimish.Prabhune@morganstanley.com +91 22 6996-1862

matters a great deal to us. If you have found our research helpful, we would greatly Morgan Stanley & Co. International plc+

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Developed Markets

• US rates bull-steepened after June producer prices undershot