July 21: Chips Diverge from Higher Yields: Global Macro Commentary | North America

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July 21: Chips Diverge from Higher Yields: Global Macro Commentary | North America

Update

July 21, 2026 09:36 PM GMT

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

Strategist

July 21: Chips Diverge from Molly.Nickolin@morganstanley.comLingdi Xu +1 212 761-3592

Economist

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

Higher Yields Sofia Palacios

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

US-Iran tensions lifted oil; chip stocks rebounded; USTs bear-

Morgan Stanley Asia Limited+

flattened; JPY reached 1986 lows; China tech rallied; Hungary cut Gek Teng Khoo

25bp; DXY at 101.19 (+0.2%); US 10y at 4.63 (+3.6bp). StrategistGek.Teng.Khoo@morganstanley.com +852 3963-0303

Renewed energy-supply concerns raised inflation and policy-rate expectations, Morgan Stanley MUFG Securities Co., Ltd.+

lifting the dollar and global yields even as semiconductor strength supported Hiromu Uezato

equities and broader risk appetite. Hiromu.Uezato@morganstanleymufg.com +81 3 6836-8431

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Jasper Knyphausen • Global > Macro Strategy

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• USA > Cross-Asset Strategy

• Developed Europe > Cross-Asset Strategy

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Developed Markets

• US rates bear-flattened (2y: +5.5bp; 30y: +1.9bp) as higher oil prices and

firm regional activity data reinforced the risk that the Fed could tighten

policy further.