Higher real rates seem to reflect growth drivers as well as Federal Reserve debate around policy changes, Morgan Stanley Wealth Management says in a note. "While commentary has centered on inflation risks and the Fed's priorities regarding its 2% target, estimates of how monetary policy may respond amid a potentially higher neutral rate or real rate have been less discussed," it says. This has implications for the concept of 'higher for longer', potentially lower pricing of a Fed-intervention market put and a more data-driven, rather than guidance-driven central bank, Morgan Stanley WM says. Bond investors seem to be simultaneously pricing both reduced inflation risks from oil and higher odds of a rate hike, it says. (emese.bartha@wsj.com)