Morgan Stanley Fixed-Global Macro Commentary July 26-109458015

MUpdateGlobalMacroCommentary|NorthAmericaJuly26MorganStanley&Co.LLCAlexandraMaierStrategistAlexandra.Maier@morganstanley.com+1212761-0428ZoeKStraussStrategistZoe.Strauss@morganstanley.com+1212761-0407LenoyDujonUS/CanadaEconomistLenoy.Dujon@morganstanley.com+1212761-2779MorganStanleyMUFGSecuritiesCo.,Ltd.+HirokiYagiResearchAssociateHiroki.Yagi1@morganstanleymufg.com+8136836-5412MorganStanleyAsiaLimited+MinDaiStrategistMin.Dai@morganstanley.com+8522239-7983InstitutionalInvestorGlobalFixedIncomePollisnowopen.Wehopeyouhaveenjoyedourresearchoverthepastyearandappreciateyoursupport.Requestyourballot.USTsbull-steepenasPCEdataconfirminflationdeceleration;ECB'sSchnabelsaysthe"lastmile"oftheinflationfightischallenging;2yJGBauctionseessoliddemand;MASkeepspolicyunchanged;ParaguayandAzerbaijanupgradedtoIG;DXYat104.33(-0.0%);US10yat4.194%(-4.7bp).•The2024InstitutionalInvestor(II)GlobalFixed-IncomeSurveyisopen.Ifyouenjoyourwork,pleaserateusfivestarsinthefollowingcategories:Global>MacroStrategy,Global>Economics,andregionallyinthefollowingcategories:Fixed-IncomeStrategy,InterestRateStrategy,Currency&ForeignExchange,andCross-AssetStrategy.Thanksforyourreadershipandsupport!•USTsbull-steepenafterJunePCEdataconfirmthatUSinflationiscontinuingtodecelerateandreinforcesexpectationsofaSeptemberFedcut.•EUR(+0.1%)remainssupportedasEur...