MS · News · 20260903N

Interest Rate Outlook

MORGAN STANLEY · 2026-09-03 · Importance 17 · Surprise 24

Morgan Stanley macro strategist Matthew Hornbach said on September 3 that U.S. inflation could surprise to the downside and discussed tariff effects and the Federal Reserve’s future rate path. On September 8, portfolio manager Dan Skelly said the Federal Reserve is likely to keep its current policy stance through the end of 2026. Skelly also cited rising energy prices as an inflation risk and addressed the health of the U.S. economy. The commentary indicates a potentially supportive but uncertain rate environment for Morgan Stanley’s capital-markets and wealth-management activities.

Key facts

• Matthew Hornbach, Morgan Stanley global head of macro strategy, believes that inflation is likely to surprise to the downside. source