Market Intelligence: US Morning Update

Research evidence excerpt

Market Intelligence: US Morning Update

Equity Research

15 June 2026 | 9:34AM EDT

Click “here” to listen to the US Morning Call. Chris Hussey

+1(212)902-7564 |

chris.hussey@gs.com

Stocks in Asia were sharply higher Monday following reports that the US and Iran had Goldman Sachs & Co. LLC

agreed on a framework to end the war, halt the US blockade of Iran, and reopen the Sarah Herr

+1(212)357-0094 | sarah.herr@gs.com

Strait of Hormuz, with the deal to be signed on June 19. Oil prices retreated sharply Goldman Sachs & Co. LLC

on the news, with front month Brent futures down 5% to ~$83/bbl. Tech-oriented Kshitij Garg

and oil-import reliant markets of Japan, Korea and Taiwan outperformed. +1(212)934-7434Goldman Sachs India| kshitij.garg@gs.comSPL

European equities are also trading higher as risk appetite climbs on hopes of an

imminent end to the Middle East conflict. This is also a heavy week of central bank

policy updates across the region, including Riksbank, SNB, Norges Bank and BoE (see

Friday’s “BoE Preview—MPC Remains in No Rush to Raise Rates”).

Bonds are rallying alongside equities with yields on 10-year US Treasuries at 4.44%

(10bps lower than a week ago). Precious metals are also gaining some lost ground.

June FOMC preview. We expect the FOMC to hold rates steady at its upcoming June

meeting, the first under new Chairman Kevin Warch. Also, look for the FOMC to

remove its prior easing bias by dropping language that implied further cuts, and shift

to more neutral guidance, writes David Mericle in “June FOMC Preview: Leadership

Transition.” The median dot is expected to show no change in 2026, while still

implying two eventual cuts, likely in 2027 and 2028.

The biggest development since the last FOMC meeting is a surprisingly strong