Morgan Stanley Fixed-Global Macro Commentary July 24-109405630

MUpdateGlobalMacroCommentary|NorthAmericaJuly24MorganStanley&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.MajorsteepeninginUSTcurve;BoCcutsby25bp;weakeuroareaPMIssendshort-endEGByieldslower;THBoutperformsamiddetailsof"cashhandout"program;S&P500hasworstdaysinceDecember2022;DXYat104.35(+0.1%);US10yat4.431%(-6.1bp).•The2024InstitutionalInvestor(II)GlobalFixed-IncomeSurveyisopen.Ifyouenjoyourwork,pleaserateusfivestarsinthefollowingcategories:Global>MacroStrategy,Global>Economics,andregionallyinthefollowingcategories:Fixed-IncomeStrategy,InterestRateStrategy,Currency&ForeignExchange,andCross-AssetStrategy.Thanksforyourreadershipandsupport!•SizablesteepeninginUSTstakesplaceduetoavarietyofcatalysts,includingcallsformoreimminentFedratecuts,softeconomicdata,aweak5yauction,andaTreasurybuybackthatacceptednooffers;the2s10scurvereaches...