Morgan Stanley Fixed-Global Macro Commentary April 16-107647136

MApril16,202411:32PMGMTUpdateGlobalMacroCommentaryGlobalMorganStanley&Co.LLC+1212761-6076+1212761-0407April16MartinWTobias,CFA+1212761-4703+1212761-2779Powellaccentuatesrecentdatahasnotmetbarforcuts;TsysStrategist+44207425-1877sell-offledbybelly;GoCstwist-steepenonthirdstraightweakMartin.Tobias@morganstanley.comCPI,USD/CADatlocalhigh;EUR/USDdownsidecontinues,+8136836-8428Lagardetalkscuts;USD/JPYrecoversaftersharpdrop;BRLZoeKStraussweakens;DXYat106.26(+0.0%);US10yat4.667%(+6.6bp).+8523963-0303Strategist•FedChairPowellaccentuatesthatthe"morerecentdata"haveZoe.Strauss@morganstanley.comclearlynotprovidedtheFed"greaterconfidence"itneedstoeasepolicyrestrictivenessandinstead"indicateitislikelytotakelongerEliPCarterthanexpectedtoachievethatconfidence."Strategist•TreasuriesextendtosessionlowsalongsidePowell'sremarks,theEli.Carter@morganstanley.combellyunderperformsafterhereiteratesanintentto"maintainthecurrentlevelofrestrictionforaslongasneeded."LenoyDujon•Canadagovernmentbondstwist-steepenafterthethirdconsecutiveUS/CanadaEconomistinflationreportwheretrendinflationmovedmeaningfullytowardtheLenoy.Dujon@morganstanley.comBoC'starget;USD/CAD(+0.3%)makesanewlocalhigh.MorganStanley&Co.Internationalplc+•EUR/USD(-0.1%)downsidecontinuesforthesixthconsecutivesessionasECBPresidentLagardereiteratestheECBis"headingMarie-AnaisC...