Morgan Stanley Fixed-Global Macro Strategy Positions and Flows Report-106487219

MORGANSTANLEYRESEARCHFebruary12,202401:27PMGMTMorganStanley&Co.LLCFrancescoGrechiStrategistFrancesco.Grechi@morganstanley.com+1212761-1005NorthFebruary12,2024AmericaaInterestRateStrategyAmericaPositionsandFlowsReportNorthWeeklyMarketPositioningDataCFTCNon-CommercialFuturesPositions(P.2)TICDataForeignFlows(P.16)(UpdatedfortheweekendingJanuary09,2024,paramounts)(UpdatedforNovember,paramounts)WeeklyChange:NovembersawnetinflowsinthelongtermUSTreasuries,ledbyTotalfrontend:$10.5bnprivateinvestors.China(+$15.0bn)andNorway(+$10.1bn)weretheED:$0.1bnTU:$0.2bnFV:$6.4bntopTreasurybuyersinNovember.Canada(-$30.4bn)andFrance(-Totalbackend:$16.6bn$23.4bn)werethetopTreasurysellers.TY:$3.7bnTN:$20.4bnUS:-$2.6bnUL:-$1.2bnPFRPrimerP.18TradersinFinancialFutures(P.4)(UpdatedfortheweekendingFebruary06,2024,paramounts)ChartoftheWeek:AssetManagers:AssetManagersincresedtheirnetshorts(%ofOI)tothehighestlevelUpdate:Puton$10.5bnofasteepenerposition.IncreasedtheirinlastsixmonthsinSOFRcontracts.netshorts(%ofOI)tothehighestlevelinlastsixmonthsinSOFRcontracts.Source:MorganStanleyResearch,CFTCLeveragedFunds:Update:Puton-$13.6bnofaflattenerposition.Increasedtheirnetshorts(%ofOI)tothehighestlevelinthreemonthsinULcontracts.Dealers:Update:Puton$12.8bnofasteepenerposition.Increasedtheirnetlongs(%ofOI)forthefirsttimeinlastsixmonthsinSOFRcontracts.O...