Morgan Stanley Fixed-Global Macro Commentary July 25-109426405

MUpdateGlobalMacroCommentary|NorthAmericaJuly25MorganStanley&Co.LLCAlexandraMaierStrategistAlexandra.Maier@morganstanley.com+1212761-0428MorganStanley&Co.Internationalplc+DominicJKrummenacherStrategistDominic.Krummenacher@morganstanley.com+44207425-9781MorganStanley&Co.LLCLenoyDujonUS/CanadaEconomistLenoy.Dujon@morganstanley.com+1212761-2779MorganStanleyMUFGSecuritiesCo.,Ltd.+HiromuUezatoResearchAssociateHiromu.Uezato@morganstanleymufg.com+8136836-8431MorganStanleyAsiaLimited+MinDaiStrategistMin.Dai@morganstanley.com+8522239-7983InstitutionalInvestorGlobalFixedIncomePollisnowopen.Wehopeyouhaveenjoyedourresearchoverthepastyearandappreciateyoursupport.Requestyourballot.USTstwist-flattenafterstrongUSGDPdata;2yJGBsell-offalongsidebetsforaJulyBoJhike;softbusinessconfidencesurveysinEuropesendEGBsricher;PBoCunexpectedlycuts1yMLFrate;ECB'sNagelsaystheECBisnoton"autopilot";DXYat104.41(+0.0%);US10yat4.241%(-4.3bp).•The2024InstitutionalInvestor(II)GlobalFixed-IncomeSurveyisopen.Ifyouenjoyourwork,pleaserateusfivestarsinthefollowingcategories:Global>MacroStrategy,Global>Economics,andregionallyinthefollowingcategories:Fixed-IncomeStrategy,InterestRateStrategy,Currency&ForeignExchange,andCross-AssetStrategy.Thanksforyourreadershipandsupport!•USTstwist-flattenandpareearlymorninggainsafterUS2Q24GDPdataacceleratesmorethanexp...