Morgan Stanley Fixed-Global Macro Commentary July 23-109384907

MUpdateGlobalMacroCommentary|NorthAmericaJuly23MorganStanley&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+MinDaiStrategistMin.Dai@morganstanley.com+8522239-7983InstitutionalInvestorGlobalFixedIncomePollisnowopen.Wehopeyouhaveenjoyedourresearchoverthepastyearandappreciateyoursupport.Requestyourballot.Strong2yUSTauctionhasrecord-lowdealerallotment;OAT/BundspreadwidensamidheightenedpoliticaluncertaintyinFrance;JPYgainsamidincreasedpotentialofBoJhike;Indiabondsgainafterbudgetrelease;NBHcutsby25bp;DXYat104.44(0.1%);US10yat4.251%(-0.2bp).•The2024InstitutionalInvestor(II)GlobalFixed-IncomeSurveyisopen.Ifyouenjoyourwork,pleaserateusfivestarsinthefollowingcategories:Global>MacroStrategy,Global>Economics,andregionallyinthefollowingcategories:Fixed-IncomeStrategy,InterestRateStrategy,Currency&ForeignExchange,andCross-AssetStrategy.Thanksforyourreadersh...