Morgan Stanley Fixed-Global Macro Commentary March 22-107171717

MMarch22,202411:43PMGMTMorganStanley&Co.LLCUpdateGlobalMacroCommentaryGlobalMartinWTobias,CFA+1212761-6076+1212761-0407March22Strategist+1212761-4703Martin.Tobias@morganstanley.com+1212761-2779Bundsbull-flatten,risk-offreignsonescalationintensions;+44207425-1877Treasuriesendatsessionhighs;PBoCfixingspursCNHZoeKStrauss+8136836-8428weakness;USD/CADabove1.360;COPgains,BanRepdelivers+8523963-0303expectedcut;ECB'sNageltalksoddsoffirstcutbeforesummerStrategistbreak;DXYat104.43(+0.4%);US10yat4.198%(-6.9bp).Zoe.Strauss@morganstanley.com•Bundsbull-flattenandoutperformonacross-marketbasisasaresultEliPCarterofrisk-offsentimentfollowingcommentsfromaRussiangovernmentspokesmanabouttheconflictinUkraine.StrategistEli.Carter@morganstanley.com•TreasuriesfollowBundshigherandendatsessionhighswithabelly-ledrally.LenoyDujon•PBoCfixesUSD/CNYabove7.10forthefirsttimesinceMarch7andUS/CanadaEconomisttheCNHweaknessspillsoveracrosstheregion;USD/CNH(+0.8%)Lenoy.Dujon@morganstanley.comralliesto7.28.MorganStanley&Co.Internationalplc+•USD/CAD(+0.5%)closesabovethe1.360level,despitestrongCanadianretailsalesdata.Marie-AnaisCFrancois•COP(+0.2%)outperformsregionalpeersasBanRepdeliversanStrategistexpected50bpratecuttobringthepolicyrateto12.25%(C:12.25%).Marie-Anais.Francois@morganstanley.com•ECBGoverningCouncilMemberNagelsaystheprobabilityth...