Morgan Stanley Fixed-Global Macro Strategy Positions and Flows Report-106221208

MORGANSTANLEYRESEARCHJanuary30,202410:06AMGMTMorganStanley&Co.LLCFrancescoGrechiStrategistFrancesco.Grechi@morganstanley.com+1212761-1005NorthJanuary29,2024AmericaaInterestRateStrategyAmericaPositionsandFlowsReportNorthWeeklyMarketPositioningDataCFTCNon-CommercialFuturesPositions(P.2)TICDataForeignFlows(P.16)(UpdatedfortheweekendingJanuary09,2024,paramounts)(UpdatedforNovember,paramounts)WeeklyChange:NovembersawnetinflowsinthelongtermUSTreasuries,ledbyTotalfrontend:$10.5bnprivateinvestors.China(+$15.0bn)andNorway(+$10.1bn)weretheED:$0.1bnTU:$0.2bnFV:$6.4bntopTreasurybuyersinNovember.Canada(-$30.4bn)andFrance(-Totalbackend:$16.6bn$23.4bn)werethetopTreasurysellers.TY:$3.7bnTN:$20.4bnUS:-$2.6bnUL:-$1.2bnPFRPrimerP.18TradersinFinancialFutures(P.4)(UpdatedfortheweekendingJanuary23,2024,paramounts)ChartoftheWeek:AssetManagers:Otherreportablesincresedtheirnetshorts(%ofOI)tothehighestlevelUpdate:Puton-$8.7bnofaflattenerposition.DecreasedtheirinsixmonthsinSOFRcontracts.netlongs(%ofOI)tothelowestlevelinlastsixmonthsinTUcontracts.Source:MorganStanleyResearch,CFTCLeveragedFunds:Update:Puton$4.1bnofasteepenerposition.Decreasedtheirnetshorts(%ofOI)tothelowestlevelinsixmonthsinTNcontracts.Dealers:Update:Puton$12.9bnofasteepenerposition.Increasedtheirnetshorts(%ofOI)tothehighestlevelinlastsixmonthsinTNcontracts.OtherReportab...