Morgan Stanley Fixed-Global Macro Commentary February 7-106409959

MFebruary7,202411:51PMGMTUpdateGlobalMacroCommentaryGlobalMorganStanley&Co.LLC+1212761-6076+44207425-9781February7MartinWTobias,CFA+1212761-4703Solid10yauctionsnapslong-endUSTunderperformance;Strategist+1212761-2779Riksbank'sJanssoncontextualizesMarchcut;EuropeandurationMartin.Tobias@morganstanley.com+44207425-1877tradesrangebound;SNBFXreservesincrease,CHFweakens;+8136836-8428CLPlagsamidcopperlosses;USD/JPYismutedbeforeBoJ'sMorganStanley&Co.Internationalplc++8523963-0303Uchida;DXYat104.06(-0.2%);US10yat4.121%(+2.1bp).DominicJKrummenacher•USTreasuriesretreatfromsessionhighsaheadofthe$42bn10yUSTauction,thelargestonrecord,butsupplyconcernsabateafterStrategisttheauctioncomes1.2bpthrough.Dominic.Krummenacher@morganstanley.com•RiksbankDeputyGovernorJanssonbelieves"afirstpolicy-ratecutMorganStanley&Co.LLCasearlyasinMarchissomethingthatIcurrentlydonotconsiderimpossiblebutnordoIthinkitisparticularlyprobable."EliPCarter•PeripheralspreadswidenmarginallyinarangeboundsessionforStrategistEuropeanduration.Eli.Carter@morganstanley.com•CHFexhibitsbroadweaknessafterSNBFXreservesincrease,whichLenoyDujonmarketparticipantsinterpretasasignaltheSNBtargetedCHFweaknessandboughtFXinJanuary.US/CanadaEconomistLenoy.Dujon@morganstanley.com•CLP(-0.5%)lagsLatAmpeersagainstUSDalongsideadownturnincopperfuturesprices.MorganStanley&Co.Int...