美国利率策略- 是否应进行再融资-US Rates Strategy-To Refund, or Not to Refund

February 20, 2026 11:38 PM GMT US Rates Strategy | North America To Refund, or Not to Refund The Supreme Court invalidated the administration's IEEPA tariff authority, without a refund ruling. With other authorities enacted, revenue and deficit expectations should see little change. We think refund enforcement – far from a certainty – poses no major risk to financing needs; stay long 2y spreads. Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, inve ...