Morgan Stanley
July 3, 2026
Flyby: 250 Years of Independence - A Reflection on the Cost of Freedom
Market ReportEquitiesMacro Economic IndicatorsIndustrials
This report examines the historic costs of U.S. armed conflict while evaluating the current strategic defense landscape. It highlights the growing priority of missile and munitions procurement as a core pillar of modern U.S. deterrence strategy.
Key Takeaways
- 1.U.S. defense policy focuses on strategic competition, with significant prioritization of missile and munitions procurement to support global deterrence.
- 2.Modern armed conflict has become significantly more expensive in inflation-adjusted dollars compared to historical counterparts.
- 3.The Trump administration has established the Munitions Acceleration Council (MAC) to identify and expedite 14 priority missile and munition platforms.
Table of Contents
- The Price of Conflict
- The Economic Toll
- Defense Advancement and Strategic Competition
- Missile Procurement: A New Deterrence Thrust
- Aerospace & Defense Coverage
- Aerospace & Defense Valuation
- Commercial Aerospace Highlights
- Defense Highlights
- Weekly Financial Metrics
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Authors
Kristine T LiwagJustin M LangJason T HolcombGabrielle KnafelmanShaina C Zuber
Securities
NOCGD
Themes
Defense ModernizationGreat Power Competition
Regions
North AmericaUnited StatesUkraineIran
