Morgan Stanley Fixed-Global Macro Strategy Positions and Flows Report-109379615

MORGANSTANLEYRESEARCHJuly23,2024InterestRateStrategyPositionsandFlowsReportWeeklyMarketPositioningDataCFTCNon-CommercialFuturesPositions(P.2)TICDataForeignFlows(P.16)(UpdatedfortheweekendingJuly16,2024,paramounts)(UpdatedforMay,paramounts)WeeklyChange:Totalfrontend:-$14.4bnED:$1.5bnTU:$2.2bnFV:-$0.5bnTotalbackend:-$1.8bnTY:-$17.5bnUXY:$1.8bnUS:-$2.1bnWN:-$1.5bnTradersinFinancialFutures(P.4)(UpdatedfortheweekendingJuly16,2024,paramounts)PFRPrimerP.18AssetManagers:Update:Puton-$20.3bnofaflattenerposition.Increasedtheirnetlongs(%ofOI)tothehighestlevelinlastsixmonthsinFVcontracts.ChartoftheWeek:LeveragedFunds:Update:Puton$23.9bnofasteepenerposition.Increasedtheirnetshorts(%ofOI)tothehighestlevelinsixmonthsinTYcontracts.Dealers:Update:Puton$8.4bnofasteepenerposition.Decreasedtheirnetshorts(%ofOI)tothelowestlevelinlastsixmonthsinTUcontracts.OtherReportables:Update:Puton-$5.2bnofaflattenerposition.Decreasedtheirnetshorts(%ofOI)tothelowestlevelinthelastsixmonthsinSOFRcontracts.PrimaryDealerPositions(P.12)(UpdatedforweekendingJuly10,2024,paramounts)WeeklyChange:<6y:+$12.1bn6-11y:+$3.9bn>11y:+$2.1bnSource:MorganStanleyResearch,CFTCAgencies:$0.0bnMBS:-$19.7bnCorp:+$1.3bnTIPS:-$1.6bnLargeCommercialBankPositions(P.14)(UpdatedforweekendingJuly10,2024,paramounts)Weeklychange:Deposits:-$13.6bnUST/Agency:-$2.9bnMBS:-$4.1bnC&I...