Morgan Stanley Fixed-Global Futures Rolls Report US Treasury and Gilt Futures Ro...-106512722

MFebruary13,202406:37PMGMTMorganStanley&Co.LLCUpdateGlobalFuturesRollsReportGlobalAllenFLiu+1212761-6049+1212761-3529USTreasuryandGiltFuturesStrategist+1212761-1445RollsAllen.Liu@morganstanley.com+1212761-1009+44207677-0337WepresentourviewsonUSTreasuryandgiltfuturescontractEfrainATejeda,CFArollsfortheMarchtoJunecycle.Welookatthefundamentaldriversoftheroll,investorpositioning,deliveryoptionality,Strategistrelativevalue,andrepo.Finally,wesuggestoptimalrollingEfrain.Tejeda@morganstanley.comstrategies.GuneetDhingra,CFATUContract:Bearish:WearebearishontheTUrollgivenpositioningandthetrendofrecentrollswithsimilarpositioning.StrategistFVContract:Mildlybearish:WearemildlybearishonFV,aspositioningandGuneet.Dhingra@morganstanley.comrecentcyclesaremildlybearishsignals.TYContract:Mildlybearish:WearemildlybearishonTY,ascheapnesstofairFrancescoGrechivalueslightlyoffsetsthebearishpositioningsetup.UXYContract:Bearish:WearebearishontheUXYrollduetosignificantStrategistassetmanagerlongs,recentrolls,andCTDrelativevalue.WerecommendFrancesco.Grechi@morganstanley.comassetmanagersrollearly.USContract:Neutral:WeareneutralgivenamildlybearishpositioningsetupMorganStanley&Co.Internationalplc+thatisoffsetbyrecentrollsandcheapnessofthefrontcontract.WNContract:Mildlybullish:WearemildlybullishontheWNroll,asLorenzoTestapositioningandrecentrol...