June 15, 2026 10:05 AM GMT Global Macro Strategy & US Equity Strategy Above 3%, CPI Hits Different Macro markets treat CPI differently above and below 3% inflation. CPI surprises significantly move front-end rates when headline CPI is above 3%; from 2-3%, only the equity reaction is significant. Long USD/JPY is the cleanest trade above 3%, short AUD/USD from 2-3%. Key Takeaways Click here to be added to this email distribution list. M Global Idea Morgan Stanley & Co. LLC Andrew M Watrous Strategist Andrew.W ...