Morgan Stanley Fixed-Global Macro Commentary February 16-106565824

MFebruary16,202411:51PMGMTMorganStanley&Co.LLCUpdateGlobalMacroCommentaryGlobalMartinWTobias,CFA+1212761-6076+1212761-0407February16Strategist+1212761-4703Martin.Tobias@morganstanley.com+1212761-2779StrongUSPPIdrivesUSTbear-flattener;GBPfinishesmixed;+8136836-8428JGBstwistflattenafterliquiditytapauction;10yBTP-BundZoeKStrauss+8522239-7983spreadcontinuestotighten;CLPlossespersist;Fed'sBosticsayspolicydecisionscanbemade"withoutoppressiveurgency";DXYStrategistat104.28(-0.0%);US10yat4.279%(+4.9bp).Zoe.Strauss@morganstanley.com•JanuaryUSPPIstrengthwithastrongtranslationtocorePCEdrivesEliPCarterasharpUSTbear-flattener.Strategist•GBPshrugsoffasignificantupsidesurpriseinJanuaryUKretailsalesEli.Carter@morganstanley.comthatshowtheimpactofseasonaladjustments,followingtheweakDecemberdata.LenoyDujon•JGBstwistflattenafterastrongliquiditytapauctiondrivesmarketUS/CanadaEconomistparticipantstosquarelong-endshortpositions.Lenoy.Dujon@morganstanley.com•Europeancurvesflatten,withunderperformanceinthefront-end;MorganStanleyMUFGSecuritiesCo.,Ltd.+the10yBTP-Bundspreadtightensanother1.5bpto148bp,anewlocallow.KoichiSugisaki•CLP(-0.4%)lossesagainstUSDcontinueasriskappetitewanesintoStrategisttheclose.Koichi.Sugisaki@morganstanleymufg.com•AtlantaFedPresidentBosticsays"wewilllikelysooncontemplateMorganStanleyAsiaLimited+theappropri...