Morgan Stanley Fixed-Global Macro Commentary February 2-106318137

MFebruary3,202412:53AMGMTUpdateGlobalMacroCommentaryGlobalMorganStanley&Co.LLC+1212761-6076+1212761-0407February2MartinWTobias,CFA+1212761-4703+1212761-2779UnexpectedlystrongNFPssparkUSTbear-flattener;PositiveStrategist+44207425-1877techearningsliftSPXtorecord;DXYUSDIndexhitshighsinceMartin.Tobias@morganstanley.commid-December;BrentlossesweighonNOK,COP;European+8136836-8428ratesbear-flatten;Fed'sGoolsbeequestionsNFPreport'sZoeKStraussstrength;DXYat103.96(+0.9%);US10yat4.020%(+14.0bp).+8522239-7983Strategist•AnunexpectedlystrongriseinUSNonfarmPayrollsof353kinZoe.Strauss@morganstanley.comJanuary(C:185k),withacumulative+126kofbackwardrevisionssparksaheavysell-offinUSTduration.Thecurvebear-flattensasEliPCarterSTIRmarketspushoutthetimingandreducethepaceofimpliedratecuts.StrategistEli.Carter@morganstanley.com•PositivetechnologyearningspulltheS&P500(+1.1%)toanewrecordhighbuttheunrelentingUSratessell-offweighsontheLenoyDujonaveragestock(RSP:-0.1%).US/CanadaEconomist•BroadUSDstrengthagainstallG10peerstranslatestoasurgeintheLenoy.Dujon@morganstanley.comDXYUSDIndex(+0.9%),toitshighestlevelsincetheDecemberFOMCmeeting;USD/JPY(+1.3%)returnsabove148.MorganStanley&Co.Internationalplc+•FurtherBrentcrude(-1.7%)lossesweighonNOK,themainMarie-AnaisCFrancoisunderperformerintheG10,aswellasCOP,themainunderperformerinLatAm.Strate...