Morgan Stanley Fixed-Global Macro Commentary January 19-106039488

MJanuary20,202412:58AMGMTUpdateGlobalMacroCommentaryGlobalMorganStanley&Co.LLC+1212761-6076+44207425-9781January19MartinWTobias,CFA+1212761-4703Long-endgiltsgainafterUKretailsalescollapse;USTstwistStrategist+44207425-1877flatten,curveremainsinflux;SemisearningssupportTWD,Martin.Tobias@morganstanley.comTWSE;AIbeneficiariesdriveS&P500torecordhigh;CLP+8136836-8428outperforms;JapannationwideCPIeasesonlessenergyMorganStanley&Co.Internationalplc++8523963-0303contribution;DXYat103.24(-0.3%);US10yat4.123%(-1.9bp).DominicJKrummenacher•Long-endgiltsgainafterUKretailsalescollapseinDecemberandsignaltheUKeconomywaslikelyinatechnicalrecessionin2H23;Strategist30ygiltsrally2.8bpto4.56%.Dominic.Krummenacher@morganstanley.com•USTstwistflattenasfront-endlossesensueafterChicagoFedMorganStanley&Co.LLCPresidentGoolsbeesuggestsareversalintheprogressoninflationcouldmeritratehikes.EliPCarter•TWD(+0.6%)strengthensagainstUSD,afterstrongsemiconductorStrategistearningsbuoyTaiwanequities.Eli.Carter@morganstanley.com•ThispositivesentimentcarriesoverintotheUSasstocksthatbenefitMorganStanley&Co.Internationalplc+fromtheadoptionofartificialintelligencedrivetheS&P500(+1.23%)toanewrecordhigh.Marie-AnaisCFrancois•CLP(+0.8%)outperformspeersamidmediareportsthegovernmentStrategistwillsell3USDbnin1Q24.Marie-Anais.Francois@morganstanley.com•Nati...