MS · News · 20260826N

Interest Rate Environment

MORGAN STANLEY · 2026-08-26 · Importance 17 · Surprise 24

Morgan Stanley Investment Management fixed-income investor Vishal Khanduja is reducing positions that bet against long-term U.S. Treasury bonds. He expects U.S. Treasury Secretary Scott Bessent’s policy plan to limit increases in long-term yields, reducing the potential returns from curve-steepener trades. The reported adjustment reflects a more supportive near-term view of U.S. government bond prices and interest-rate exposure; no dollar impact was disclosed.

Key facts

• Morgan Stanley predicts dividends from Thai refiners will rise three times in 2026. source
• Vishal Khanduja of Morgan Stanley Investment Management is reducing his bets against long-term US bonds. source
• Vishal Khanduja has adjusted his exposure to reflect his view that yields will be limited by Treasury actions. source
• Morgan Stanley has increased its price target for ExxonMobil (XOM) to $177 and maintained an 'Overweight' rating. source
• Morgan Stanley issued a "Neutral" rating on NVIDIA's credit ahead of its Q2 earnings report. source
• Morgan Stanley analyst Joseph Moore revised his price target for NVIDIA to $500. source
• Morgan Stanley increased its price target for ONEOK (OKE), contributing to improved analyst sentiment around the stock. source
• Vishal Khanduja believes Treasury Secretary Scott Bessent is committed to preventing yields from rising, thus limiting the upside for "curve steepener" trades. source