Morgan Stanley Fixed-Global Macro Commentary April 26-107858073

MApril27,202412:19AMGMTMorganStanley&Co.LLCUpdateGlobalMacroCommentaryGlobalMartinWTobias,CFA+1212761-6076+1212761-0407April26Strategist+1212761-4703Martin.Tobias@morganstanley.com+1212761-2779BoJremainsonhold,maintainsguidanceonJGBpurchases;USD/+8136836-8431JPYhitsanewhighsince1990,above158;TreasuriesrallymildlyZoeKStrauss+8522239-7983aftercorePCE;AUDoutpacesastrongerUSD;BTPsleadrallyacrossEGBs;COP,BRLoutperformregionalpeers;DXYatStrategist106.09(+0.5%);US10yat4.663%(-4.1bp).Zoe.Strauss@morganstanley.com•BoJmaintainsthestatusquowithrespecttothepolicyrateaswellEliPCarterasguidanceonJGBpurchases.Strategist•USD/JPY(+1.7%)jumpshigheralongsidetheBoJdecision,dropsEli.Carter@morganstanley.comsharplyinLondonhoursonconcernofpotentialintervention,thenslowlygrindshigherinNYhourstocloseabovethe158level.LenoyDujon•AmildrallyinTreasuriesensuesafterMarchUScorePCErisebyUS/CanadaEconomistless-than-feared,followingtheupsidesurpriseinthe1Q24corePCELenoy.Dujon@morganstanley.comreleaseonThursday.MorganStanleyMUFGSecuritiesCo.,Ltd.+•AUD(+0.2%)outpacesastrongerUSdollarafterAustralian1Q24PPIdatacomesinstrong.HiromuUezato•ItalianBTPsleadtherallyacrossEGBs;10yBTP-BundspreadResearchAssociatetightensover5bpto135bp.Hiromu.Uezato@morganstanleymufg.com•COP(+1.3%)leadsLatAmpeersfollowedbyBRL(+0.8%),althoughMorganStanleyAsiaLimited+th...