Morgan Stanley Fixed-Global Macro Commentary February 26-106713969

MFebruary26,202411:57PMGMTMorganStanley&Co.LLCUpdateGlobalMacroCommentaryGlobalMartinWTobias,CFA+1212761-6076+44207425-9781February26StrategistMartin.Tobias@morganstanley.com+1212761-4703USTsendmildlycheaperinsupply-ladensession;European+1212761-2779durationgrindscheaper,ECB'sLagardecautionsoninflation;MorganStanley&Co.Internationalplc++44207425-1877EUR/USDrisesasUS-Europeyielddifferentialstighten;KRWis+8136836-8428muted,despiteincentiveplan;10yChinayieldshitnewlocallow;DominicJKrummenacher+8523963-0303DXYat103.79(-0.1%);US10yat4.280%(+3.1bp).Strategist•USTsmildlybear-flattenthroughrecord2yand5yauctionsizesandaDominic.Krummenacher@morganstanley.comcontinuationofheavyhigh-gradecorporatesupply,whichsetsaFebruaryrecord;USTswapspreadstighten.MorganStanley&Co.LLC•EuropeandurationgrindscheaperthroughouttheLondonsessionEliPCarteramidacautionarytonefromECBPresidentLagarde,whostresses"wearenotthereyet"oninflation.StrategistEli.Carter@morganstanley.com•TighterUSandEuropeanyielddifferentialssupportariseinEUR/USD(+0.3%)to1.085.LenoyDujon•COP(-0.9%)leadslossesamongLatAmpeersascopperpricesfallUS/CanadaEconomistover1.5%.Lenoy.Dujon@morganstanley.com•KRWfinisheslittlechangedagainstUSDafterthehighlyanticipatedMorganStanley&Co.Internationalplc+“CorporateValue-UpProgram”containsscantdetails.Marie-AnaisCFrancois•10yCGByi...