MUpdateGlobalMacroCommentary|NorthAmericaJune14MorganStanley&Co.LLCAlexandraMaierStrategistAlexandra.Maier@morganstanley.com+1212761-0428MorganStanley&Co.Internationalplc+DominicJKrummenacherStrategistDominic.Krummenacher@morganstanley.com+44207425-9781MorganStanley&Co.LLCLenoyDujonUS/CanadaEconomistLenoy.Dujon@morganstanley.com+1212761-2779MorganStanleyMUFGSecuritiesCo.,Ltd.+HirokiYagiResearchAssociateHiroki.Yagi1@morganstanleymufg.com+8136836-5412MorganStanleyAsiaLimited+GekTengKhooStrategistGek.Teng.Khoo@morganstanley.com+8523963-0303Risk-reductionthemedrivesEuroareaactivity;BoJkeepsratesonholdanddelaysQTannouncement;BoJ'sUedakeepsJulyhikeonthetable;USTsrallyamidrisk-offsentiment;Fed'sMesterwantsmoremonthsof"gooddata;"Indonesiaunderperforms;DXYat105.52(0.3%);US10yat4.221%(-2.3bp).•RiskreductionthemeintheEuroareacontinuestodominateandsupportsaflighttosafety(USD/EUR:0.3%;10yBund:-11bp;EuroStoxx:-2.0%).•AttheJuneMPM,theBoJkeptratesunchanged,asexpected,butdeferredtheannouncementofQTplantotheJulyMPM;USD/JPYsurgedtoward~158immediatelyfollowingthemoredovishoutcome.•DuringtheBoJpressconference,BoJGovernorUedasaysaJulyratehikeremainsapossibilityifmacroconditionssupportit;marketimpliedpricingindicatealittlelessthana50%probabilityofaJulyhike.•USTsrallyledbythelong-end,alongsiderisk-offsentimentinEuropecoupledwith...
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