Morgan Stanley Fixed-Global Macro Commentary July 19-109315214

MUpdateGlobalMacroCommentary|NorthAmericaJuly19MorganStanley&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+GekTengKhooStrategistGek.Teng.Khoo@morganstanley.com+8523963-0303InstitutionalInvestorGlobalFixedIncomePollisnowopen.Wehopeyouhaveenjoyedourresearchoverthepastyearandappreciateyoursupport.Requestyourballot.Globalcyberoutagecreatesbroad-baseddisruption;USTscheapenabsentmajoreconomiccatalysts;CADweakensintradayfollowingsoftretailsales;JGBcurvetwistflattensaftersoftCPI;RBIGovernorDasarguesforclearfocusoninflation;DXYat104.37(+0.2%);US10yat4.239%(+3.7bp).•The2024InstitutionalInvestor(II)GlobalFixed-IncomeSurveyisopen.Ifyouenjoyourwork,pleaserateusfivestarsinthefollowingcategories:Global>MacroStrategy,Global>Economics,andregionallyinthefollowingcategories:Fixed-IncomeStrategy,InterestRateStrategy,Currency&ForeignExchange,andCross-AssetStrategy.Thanksforyourreadershipandsupport!•Globalcyberoutagecreatesbroad-basedturmoilwithshutdownsacrossva...