Morgan Stanley Fixed-Global Macro Commentary February 20-106606099

MFebruary21,202412:09AMGMTMorganStanley&Co.LLCUpdateGlobalMacroCommentaryGlobalMartinWTobias,CFA+1212761-6076+44207425-9781February20StrategistMartin.Tobias@morganstanley.com+1212761-4703Canadianratesoutperformafterinflationslowssharply;USTs+1212761-2779twist-steepen;SEKleadsG10gainsagainstUSD;Riksbank'sMorganStanley&Co.Internationalplc++44207425-1877Bremanbackspatientpolicyapproach;CLPrallycontinues,after+8136836-8428FinMinUSDsales;PBoCdeliverslargest5yLPRcutonrecord;DominicJKrummenacher+8522239-7983DXYat104.05(-0.2%);US10yat4.275%(-0.4bp).Strategist•Canadianratesbull-steepen,outperformonacross-marketbasisDominic.Krummenacher@morganstanley.comafterJanuaryinflationdataiswellbelowconsensusexpectationsandpushestrendinflationmeaningfullyintherightdirection.MorganStanley&Co.LLC•USTstrackBundsricherduringLondonhoursbutgainsretraceintoEliPCartertheNYclose.Thelong-endunderperformsthroughoutthesessionasthecurvetwist-steepens,withfocusoncorporatesupply.StrategistEli.Carter@morganstanley.com•SEK(+0.4%)divergesfromitsusualrelationshipwithriskassetsandgainsagainsttheUSdollaramidremarksfromRiksbankLenoyDujonpolicymakers,whichtilthawkishly.US/CanadaEconomist•RiksbankDeputyGovernorBremansaysthecentralbankneedstoLenoy.Dujon@morganstanley.combepreparedforpossiblesetbackswhichcouldcauseinflationtoriseagainandsupportapatien...