Morgan Stanley Fixed-Global Macro Commentary March 8-106950791

MMarch9,202401:09AMGMTMorganStanley&Co.LLCUpdateGlobalMacroCommentaryGlobalMartinWTobias,CFA+1212761-6076+1212761-0407March8Strategist+1212761-4703Martin.Tobias@morganstanley.com+1212761-2779NFPsshowstrong,concentratedjobgainswithsoftAHE;USTs+8136836-8428twist-steepen;Equitygainsfadeinmomentumreversal;JPYZoeKStrauss+8523963-0303exhibitsstrength,BoJinfocus;Europeanratesbull-steepenamidECBrhetoric;Fed'sWilliamssaysneutralstillseemslow;DXYatStrategist102.71(-0.1%);US10yat4.075%(-0.8bp).Zoe.Strauss@morganstanley.com•FebruaryUSjobreportshowsstrong,yetconcentratednonfarmEliPCarterpayrolls–ledbyhealthcareandsocialassistance–butasofterlaborinputfromalargeslowdowninaveragehourlyearningsgrowth.StrategistEli.Carter@morganstanley.com•VolatilityaroundnonfarmpayrollssubsidesandUSTreasuriessettleclosetoclosinglevelsofthepriorsession;thecurvemodestlytwist-LenoyDujonsteepens.US/CanadaEconomist•InitialstrengthinequitiesfadesasareversalinthemomentumfactorLenoy.Dujon@morganstanley.comgripsthebroadermarketandsendsboththeNasdaq100(-1.53%)andS&P500(-0.65%)intothered.MorganStanleyMUFGSecuritiesCo.,Ltd.+•JPY(+0.7%)strengthensagainsttheUSdollarfollowingseveralBoJ-KoichiSugisakirelatedmediareports,whichsuggesttheBoJisleaningtowardpolicynormalization.StrategistKoichi.Sugisaki@morganstanleymufg.com•Europeandurationbull-steepensasE...