Morgan Stanley Fixed-Global Macro Commentary June 17-108742554

MUpdateGlobalMacroCommentary|NorthAmericaJune17MorganStanley&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+LorenzoTestaStrategistLorenzo.Testa@morganstanley.com+44207677-0337MorganStanleyMUFGSecuritiesCo.,Ltd.+HiromuUezatoResearchAssociateHiromu.Uezato@morganstanleymufg.com+8136836-8431MorganStanleyAsiaLimited+GekTengKhooStrategistGek.Teng.Khoo@morganstanley.com+8523963-0303USTsselloffalongsidesurgeincorporateissuance;JGBcurvetwist-steepens;PBoCmaintainsrate;Fed'sHarkerseesonecutin'24ifforecastmaterializes;euroarearetracesrisk-offmoves;risk-onrallysupportsoilandequities;DXYat105.34(-0.2%);US10yat4.281%(+6.0bp).•USTsselloffinaparallelmannerinalow-liquiditysessionaheadofTuesday’sretailsalesdata,alongsideasurgeincorporateissuancetotalingover$20bn.•JGBcurvetwist-steepensaslowerexpectationsforanear-termBoJratehikespurarallyinthefrontend,butuncertaintyregardingthereductionofBoJpurchasessupportsasell-offinthesuper-longsector.•CNHholdssteadyasthePBoCmaintainsthe1yMLFrateat2.5%andnetwithdrewCNY55bnofliquiditythroughMLFoperations.•PhiladelphiaFedPre...