Morgan Stanley Fixed-Global Credit Strategy Global Credit Research Webcast Slide...-107494060

MorganStanleyResearchGlobalApril10,202409:12AMGMTMorganStanleyGlobalCreditWebcast–AprilApril10,2024VishwasPatkar–HeadofUSCreditStrategyStrategistMorganStanleydoesandseekstodobusinesswithcompaniesLindsayTyler–USIGTMTCreditResearchCreditAnalystcoveredinMorganStanleyResearch.Asaresult,investorsMORGANSTANLEY&CO.LLCshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofMorganStanleyResearch.AronBecker–HeadofEuropeanCreditStrategyStrategistInvestorsshouldconsiderMorganStanleyResearchasonlyaAndrewSheets–GlobalHeadofCorporateCreditResearchStrategistsinglefactorinmakingtheirinvestmentdecision.MORGANSTANLEY&CO.INTERNATIONALPLC+Foranalystcertificationandotherimportantdisclosures,refertotheDisclosureSection,locatedattheendofthisreport.+=Analystsemployedbynon-U.S.affiliatesarenotregisteredwithFINRA,maynotbeassociatedpersonsofthememberandmaynotbesubjecttoFINRArestrictionsoncommunicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalystaccount.KeyTakeaways•Fundamentals–thedataremaingood:While‘softlandings’arerare(1995,2019),DMdatacontinuetotrackone,withPMIsimprovingandinflationeasing.Wedon’tseecreditassensitivetowhentheFedorECBstarteasing,solongaseithercaneaseifneeded.Overallbalancesheethealthlookssolid,butthereremainssignificantdispersion.•Technicals–inflo...