Morgan Stanley Fixed-Global Macro Commentary March 11-106980487

MMarch11,202411:23PMGMTUpdateGlobalMacroCommentaryGlobalMorganStanley&Co.LLC+1212761-6076+44207425-9781March11MartinWTobias,CFA+1212761-4703Front-endUSTstradebearishly,curvebear-flattensbeforeCPI;Strategist+1212761-2779Nikkeifalls,BoJnormalizationcomesintoview;EuropeanratesMartin.Tobias@morganstanley.com+44207677-0337bear-flatten;ECB'sKazimirsaysJunestartforcuts;NOK/SEK+8136836-8428risesdespitesoftCPIdata;BRLstagesmildrecovery;DXYatMorganStanley&Co.Internationalplc++8522239-7983102.86(+0.1%);US10yat4.098%(+2.3bp).DominicJKrummenacher•Bearishfront-endmomentumpersists,despiteastrong3yUSTauctionresult;theTreasurycurvebear-flattensaheadofthereleaseStrategistofFebruaryUSCPI.Dominic.Krummenacher@morganstanley.com•Aftersnappingastreakoffiveconsecutiveweeklygains,theNikkei(-MorganStanley&Co.LLC2.2%)sells-offagainstfurtherJPYoutperformance.OureconomistsexpecttheBoJtoremoveNIRPandYCCatnextweek'smeeting.EliPCarter•Peripheralspreadsunderperforminthesell-offacrossEuropeanStrategistrates;the10yBTP-Bundspreadwidensby1.1bpto132bp.Eli.Carter@morganstanley.com•ECBGoverningCouncilMemberKazimirreiteratestheECB’sstanceLenoyDujonondatadependenceandsuggeststhestartofthecuttingcyclewillonlycomeinJune.US/CanadaEconomistLenoy.Dujon@morganstanley.com•NOK/SEK(+0.1%)postsasurprisingadvancedespiteadecelerationinNorwegianinflationdat...