Morgan Stanley Fixed-Global Macro Commentary February 6-106380642

MFebruary6,202411:32PMGMTUpdateGlobalMacroCommentaryGlobalMorganStanley&Co.LLC+1212761-6076+1212761-0407February6MartinWTobias,CFA+1212761-4703+1212761-2779TsySecretaryYellenexpresses"concern"aboutCRE;Front-endStrategist+44207425-1877USTgainsextendonstrong3yauction;USDreversesweaker,Martin.Tobias@morganstanley.comrisk-sensitivecurrenciesgain;RBAretainstighteningbias,AUD+8136836-8428climbs;Chinariskassetssurge;EGBsclimbintoLondonclose;ZoeKStraussDXYat104.17(-0.3%);US10yat4.100%(-5.8bp).+8523963-0303Strategist•USTreasurySecretaryYellenexpresses"concern"aboutcommercialZoe.Strauss@morganstanley.comrealestateandsaysitrequires"carefulsupervisoryattention"asitcouldcreatefinancialstabilityrisksorbankingsystemlosses.EliPCarter•USTreasuriesrichenacrossthecurveafterCRErisksreturntotheStrategistforefront,front-endgainslaterextendafterthe$54bn3yauctionEli.Carter@morganstanley.comcomes0.8bpthrough.LenoyDujon•Risk-sensitivecurrenciesfindcomfortintheUSdollar'sweaknessintraday,asthespilloverfromsteepregionalbanklossesarelimited;US/CanadaEconomistSEKandNOKareamongtheG10outperformers.Lenoy.Dujon@morganstanley.com•AUD(+0.6%)alsostrengthensaftertheRBAkeepsthecashrateMorganStanley&Co.Internationalplc+targetat4.25%(C:4.25%)butcautions"furtherincreaseininterestratescannotberuledout."Marie-AnaisCFrancois•Chinariskassetresurgence...