Morgan Stanley Fixed-Global Macro Commentary June 10-108653708

MUpdateGlobalMacroCommentary|NorthAmericaJune10MorganStanley&Co.LLCAlexandraMaierStrategistAlexandra.Maier@morganstanley.com+1212761-0428MorganStanley&Co.Internationalplc+DominicJKrummenacherStrategistDominic.Krummenacher@morganstanley.com+44207425-9781MorganStanley&Co.LLCLenoyDujonUS/CanadaEconomistLenoy.Dujon@morganstanley.com+1212761-2779MorganStanley&Co.Internationalplc+Marie-AnaisCFrancoisStrategistMarie-Anais.Francois@morganstanley.com+44207425-1877MorganStanleyMUFGSecuritiesCo.,Ltd.+HirokiYagiResearchAssociateHiroki.Yagi1@morganstanleymufg.com+8136836-541210yOAT/Bundrisestohighestlevelthisyear;ECBPresidentLagardesaysratesarenotonalinearpath;USTstwist-steepen;NOKgainsfollowingstrongNorwegiancoreCPI;JGBsbear-steepen;EURfallsfollowingFrenchelectionannouncement;DXYat105.12(0.2%);US10yat4.467%(3.3bp).•EuropeandurationsellsofffollowingPresidentMacron’scallforsnapparliamentaryelectionsinFrance;10yOAT/Bundrises8bpto55bp,thehighestlevelthisyear.•ECBPresidentLagardesaysratesarenotonalineardecliningpath,noting“theremightbeperiodswhereweholdratesagain";STIRpricingimplieslessthan1.525bpcutsthroughtheendoftheyear.•Treasuriestwist-steepeninaquietsessiondespitethevolatilityinEurope;3yauctiontailsby1.1bpasmarketparticipantsawaitthemajorriskeventslaterthisweek,withCPIdataandtheFOMCmeetingonWednesday.•NOK(+0.5%)gai...