Rates Reprice: Cross-Asset Spotlight | Global

Research evidence excerpt

Rates Reprice: Cross-Asset Spotlight | Global

Update

August 3, 2026 06:15 PM GMT

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

Strategist

Rates Reprice 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, US 30-year yields crossed Erika J Singh-Cundy

5.2%, USD/JPY fell 3.9%, and KOSPI was down 1.4%. StrategistErika.Singh-Cundy@morganstanley.com +44 20 7425-0960

Key highlights from last week: Yimin Huang

• KOSPI fell 1.4%. Our Asia/EM equity strategists turned OW Korea equities as Yimin.Huang@morganstanley.com +44 20 7677-2870

they think we are past the midpoint of unwinding leveraged ETFs, hedge Recent Research:

fund leverage, and retail margin. Cross-Asset Conversations: Mapping the Path

• US 30-year yields crossed 5.2% for the first time since 2007. Our rates Forward for the Fed | Ep. 152 (31 Jul 2026)

strategists think the yield curve will steepen further unless inflation comes Cross-Asset Brief: What Is the Path Forward for

in higher than consensus expects and Chair Warsh clarifies his press the Fed? Key Debates in Under 5 Minutes (31 Jul

conference remarks on inflation. 2026)

• USD/JPY fell 3.9%. Our G10 FX strategists think the Japan-US intervention Cross-Asset Dispatches: Weathering El Niño (27

has squeezed JPY shorts but is unlikely to reverse broad JPY weakness Jul 2026)

without lower US rates and weak financial conditions. Cross-Asset Playbook: Climbing the Wall of

• LME copper rose 1.3%.