MS
0 deep-dives · 7 policy notes
What has moved MS
9 dated calls from the policy coverage · 5 positive · 3 negative · 1 watch
- Positive2026-10-13
named. The 0.14% fee wrapper is doing to crypto ETFs what index funds did to active management — the incumbent with the cheapest product is the one collecting the flow
Policy Pulse - Trump / US Watch - 13 Oct 2026 - Negative2026-10-01
US financials posted their biggest monthly drop in more than three years in September as long yields rose. Steepening that comes from the long end is not good steepening for bank books
Policy Pulse - Global Spillover - 01 Oct 2026 - Watch2026-10-01
A congressional trading ban would have been a small, symbolic negative for retail-flow narratives and a non-event for institutional volumes. Its failure is neutral for the banks
Policy Pulse - Trump / US Watch - 01 Oct 2026 - Negative2026-09-30
Banks led the September 29 decline and face a higher forward funding curve against a flat long-asset yield
Policy Pulse - Global Spillover - 30 Sep 2026 - Positive2026-09-30
Banks were the September 29 laggards and are the natural snap-back if the front end stops pricing an October hike
Policy Pulse - Trump / US Watch - 30 Sep 2026 - Negative2026-09-30
Banks led Tuesday's decline and are the most exposed to a long-end repricing that raises funding costs and compresses net interest margin forward curves
Policy Pulse - Trump / US Watch - 30 Sep 2026 - Positive2026-09-11
A steeper curve and higher-for-longer rates support net interest margins and float income
Policy Pulse - Global Spillover - 11 Sep 2026 - Positive2026-09-11
A steeper curve and higher-for-longer rates support net interest margins; the 10s-30s spread moved to 31bp
Policy Pulse - Trump / US Watch - 11 Sep 2026 - Positive2026-09-10
Steeper curve and higher-for-longer rates support net interest margins
Policy Pulse - Trump / US Watch - 10 Sep 2026
Mentioned in Policy Pulse
Policy Pulse - Trump / US Watch - 13 Oct 2026
Goldman beat on a 72% surge in equities revenue while JPMorgan missed its first quarter in three years. Trump floated a US diesel export cap five days before the Graham Act's October 18 deadline, hitting VLO and PSX, and Trump Media pulled three crypto ETF filings as DJT fell 5% on a 32% approval rating.
Policy Pulse - Global Spillover - 01 Oct 2026
G20 trade ministers endorsed a Milwaukee Framework on steel overcapacity as Greer put the MFN principle itself up for review, while a Section 301 overcapacity probe covering 16 economies including India remains the unexercised risk to SUNPHARMA, WELSPUNLIV and BHARATFORG. Brent went back above $100 on China's fuel-export halt, lifting XOM and CVX against DAL and CCL, the US 10-year held near 5.28% after its biggest quarterly gain since 1994, and Micron's blowout quarter drove a 2.9-3.3% Nikkei rally.
Policy Pulse - Trump / US Watch - 01 Oct 2026
Trump Media filed the S-4 for its all-stock merger with TAE Technologies, turning DJT into one of the first publicly listed commercial fusion developers. The White House Super Intelligence order added no compliance burden on NVDA, AVGO and MSFT, while the Senate killed the Stop Insider Trading Act 53-47 and the July disclosure showed pure buys in SO and PSA. Boeing took a $20bn-plus Navy F/A-XX award against NOC, and Micron's blowout quarter lifted Nasdaq futures as Brent went back above $100.
Policy Pulse - Global Spillover - 30 Sep 2026
The G20 Trade Ministerial opened in Milwaukee on steel excess capacity, MFN erosion and forced labour - the same ground as the Section 301 tariffs under challenge at the Court of International Trade - while core PCE at 3.0% cut October Fed hike odds from 71% to 35% and eased the front end. Saudi Arabia restarted the East-West pipeline and Yanbu loadings, Gulf exports recovered to 23.3 mbpd with Brent near $103, and India kept 0% Section 232 tariffs on specialty drugs, supporting SUNPHARMA and DRREDDY.
Policy Pulse - Trump / US Watch - 30 Sep 2026
Core PCE cooled to 3.0% and cut the priced odds of an October hike from 71% to 35%, sending short-dated yields lower and equity indices higher, while the Section 301 forced-labour tariffs - 10-12.5% on 86 countries covering 99.4% of US imports - went before the Court of International Trade and Trump credited a $15bn Iowa steel mill to his 50% steel tariffs. Canada's $1bn alcohol and dairy import ban is live, and the July 278-T showed 1,156 trades including Strategy bought at the 2026 lows.
Policy Pulse - Trump / US Watch - 11 Sep 2026
August CPI matched at 3.4% y/y but core ran 0.3% m/m, holding September Fed hike odds near 60% and the 10-year near 4.95% - a headwind for NVDA, MU and INTC into ORCL's AI cloud beat. Trump's USD 5,000 dividend pledge costs an estimated USD 1.2-1.35 trillion (TLT risk, GLD bid) and Canada's Section 338 scope changes land September 15 (F, GM, STLA).
Policy Pulse — Trump — 15 Jul 2026
Trump primetime address July 16 + Section 122 tariff expiry July 24 + pharma onshoring deadline July 31 create 9-day policy window — XOM, LLY, BA positioned for key outcomes.