Morgan Stanley Fixed-Global Macro Commentary April 17-107667874

MApril17,202411:53PMGMTUpdateGlobalMacroCommentaryGlobalMorganStanley&Co.LLC+1212761-6076+44207425-9781April17MartinWTobias,CFA+1212761-4703BellyleadsTsyrally,NYFedOMOreportputsportfolioStrategist+1212761-2779compositionmechanicsinfocus;TGAsurpasses$900bn;GBPMartin.Tobias@morganstanley.com+8136836-8428gainsafterstrongerUKCPI;BoE'sBaileyinsteadlookstofuture+8523963-0303CPIdrop;Giltsbull-flatten;KRWgainsonremarksfromMorganStanley&Co.Internationalplc+authorities;DXYat105.95(-0.3%);US10yat4.587%(-8.0bp).DominicJKrummenacher•Treasuryrallyisledbythebelly,asharpwideninginswapspreadsfollowsreleaseoftheNewYorkFed's2023OMOreportwhichStrategistsuggestsattheendofQT"MBSpaydownsarereinvestedintoDominic.Krummenacher@morganstanley.comTreasurysecuritiesinthesecondarymarket."MorganStanley&Co.LLC•TheTreasuryGeneralAccount(TGA)returnsabove$900bnforthefirsttimesinceMay2022asinflowsfromindividualandcorporateEliPCartertaxreceiptscontinue.Strategist•GBP(+0.2%)strengthensafteranequitysell-offtemperstheearlyEli.Carter@morganstanley.comgainsfollowingstronger-than-expectedUKinflationdata.LenoyDujon•BoEGovernorBaileyexpectsinflationdatanextmonthwillshow"quiteastrongdrop"duetotheUK'sparticularlyuniqueenergyandUS/CanadaEconomisthouseholdenergypricingsystem.Lenoy.Dujon@morganstanley.com•Giltsbull-flattenandretraceearlysessionlossesasri...