Morgan Stanley Fixed-Global Macro Commentary April 24-107798422

MApril24,202410:36PMGMTMorganStanley&Co.LLCUpdateGlobalMacroCommentaryGlobalMartinWTobias,CFA+1212761-6076+1212761-0407April24Strategist+1212761-4703Martin.Tobias@morganstanley.com+44207425-1877Treasuriesbear-steepenbeforeinitial1Q24USGDPdata;ACGBs+8136836-8431bear-flatten,AussieCPIisstrong;USD/JPYtradethrough155;ZoeKStraussEuropeanratesbear-steepen;BoCSummaryofDeliberationsshowdiscussiononeasing;COPlagsregionalpeers;DXYatStrategist105.82(+0.1%);US10yat4.642%(+4.1bp).Zoe.Strauss@morganstanley.com•Treasuriesbear-steepeninadvanceoftheinitialreleaseof1Q24USEliPCarterGDP,withthelatestAtlantaFedGDPNowestimateat2.7%q/q(C:2.5%;P:3.4%).StrategistEli.Carter@morganstanley.com•ACGBsbear-flattenacutelyafter1Q24AustralianCPIcomesinstrongandmarketparticipantsfullypriceoutimpliedRBAcutsthisMorganStanley&Co.Internationalplc+year.Marie-AnaisCFrancois•USD/JPY(+0.3%)tradescautiouslyabovethe155level,withmarketparticipantsonalertforMoFintervention;FinanceMinisterSuzukiStrategisthassaidtheenvironmentisinplacetointervene,ifneeded.Marie-Anais.Francois@morganstanley.com•Europeandurationbear-steepens,BundsunderperformTreasuriesMorganStanleyMUFGSecuritiesCo.,Ltd.+onacross-marketbasis.HiromuUezato•SummaryofDeliberationsfromtheAprilBoCmeetingonceagainrevealdisagreementamongtheGoverningCouncilonwhentherateResearchAssociatecuttingcycl...