Morgan Stanley — Global Macro Commentary, August 12: Benign CPI Steepens the Curve
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Morgan Stanley's global macro team issued its commentary for August 12, 2026, under the headline that a benign CPI steepens the curve. The note links the day's inflation data to moves in government bond markets, with a benign consumer price index reading prompting a steepening of the yield curve, typically a dynamic in which expectations of policy easing push shorter-dated yields down faster than longer-dated ones. Commentaries of this type generally connect the macro release to positioning, rate expectations and cross-asset implications for equities, credit and currencies, translating the data into the bank's market view. The title conveys the central observation: softer-than-feared inflation and a curve that steepened in response. The full text of this summary is still being compiled, so the specific CPI figures, market levels and analytical conclusions from the original publication are not reproduced in this entry. Readers should consult the complete Morgan Stanley global macro commentary for the detail behind the day's rates move and its implications.