Morgan Stanley Fixed-Global Macro Commentary July 22-109365046

MUpdateGlobalMacroCommentary|NorthAmericaJuly22MorganStanley&Co.LLCAlexandraMaierStrategistAlexandra.Maier@morganstanley.com+1212761-0428ZoeKStraussStrategistZoe.Strauss@morganstanley.com+1212761-0407LenoyDujonUS/CanadaEconomistLenoy.Dujon@morganstanley.com+1212761-2779MorganStanley&Co.Internationalplc+LorenzoTestaStrategistLorenzo.Testa@morganstanley.com+44207677-0337MorganStanleyMUFGSecuritiesCo.,Ltd.+HirokiYagiResearchAssociateHiroki.Yagi1@morganstanleymufg.com+8136836-5412InstitutionalInvestorGlobalFixedIncomePollisnowopen.Wehopeyouhaveenjoyedourresearchoverthepastyearandappreciateyoursupport.Requestyourballot.PBoCunexpectedlycutsrates;USTsbear-steepenabsentclearcatalysts;AUDweakensoverconcernsaroundChinaandmetalprices;JGBsbear-steepen;ECB'sKazimirleavesdooropenfortwomorecuts;DXYat104.31(-0.1%);US10yat4.253%(+1.4bp).•The2024InstitutionalInvestor(II)GlobalFixed-IncomeSurveyisopen.Ifyouenjoyourwork,pleaserateusfivestarsinthefollowingcategories:Global>MacroStrategy,Global>Economics,andregionallyinthefollowingcategories:Fixed-IncomeStrategy,InterestRateStrategy,Currency&ForeignExchange,andCross-AssetStrategy.Thanksforyourreadershipandsupport!•China’s2ybondfalls5bpwhileUSD/CNHgains0.2%afterthePBoCunexpectedlylowersitspolicyratesby10bpinitsfirstcutinnearlyayearinanefforttoboosttheeconomy.•Aninitialbull-flat...