Morgan Stanley Fixed-Global Macro Commentary April 5-107423949

MApril6,202412:26AMGMTMorganStanley&Co.LLCUpdateGlobalMacroCommentaryGlobalMartinWTobias,CFA+1212761-6076+44207425-9781April5StrategistMartin.Tobias@morganstanley.com+1212761-4703LackofblemishesinMarchNFPssends2yUSTyieldstoYTD+1212761-2779highs;Logansays"muchtoosoon"forratecuts;CanadashedsMorganStanley&Co.Internationalplc++44207425-1877jobs,CADlags;Brentuptrendpersists;Front-endJGBssell-offas+8136836-8428Uedadiscussesadditionalhikes;MXNoutperformspeers;DXYatDominicJKrummenacher+8523963-0303104.30(+0.2%);US10yat4.402%(+9.2bp).Strategist•ResoundinglystrongMarchUSnonfarmpayrollssendstremorsDominic.Krummenacher@morganstanley.comthroughtheTreasurymarket;thecurvebear-flattensaspricingforthefirstfull25bpratecutispushedouttoSeptember.MorganStanley&Co.LLC•DallasFedPresidentLoganbelievesitis"muchtoosoontothinkEliPCarteraboutcuttinginterestrates"andsaystheFOMCshould"remainpreparedtorespondappropriatelyifinflationstopsfalling."StrategistEli.Carter@morganstanley.com•CAD(-0.3%)isthetopG10underperformeraftertheCanadianeconomysheds2.2kjobsinMarch(C:+25.0k)andtheLenoyDujonunemploymentraterisesto6.1%(C:5.9%);USD/CADonceagaintests1.360.US/CanadaEconomistLenoy.Dujon@morganstanley.com•Brentcrudeoilfutures(+0.6%)trendupintotheweekend,surpass$91/bbl;NOKleadsG10FX.MorganStanley&Co.Internationalplc+•Front-endJGBssell-offafterBoJ...