Morgan Stanley Fixed-Global Macro Commentary July 17-109289502

MUpdateGlobalMacroCommentary|NorthAmericaJuly17MorganStanley&Co.LLCAlexandraMaierStrategistAlexandra.Maier@morganstanley.com+1212761-0428MorganStanley&Co.Internationalplc+DominicJKrummenacherStrategistDominic.Krummenacher@morganstanley.com+44207425-9781LorenzoTestaStrategistLorenzo.Testa@morganstanley.com+44207677-0337MorganStanleyMUFGSecuritiesCo.,Ltd.+HiromuUezatoResearchAssociateHiromu.Uezato@morganstanleymufg.com+8136836-8431MorganStanleyAsiaLimited+GekTengKhooStrategistGek.Teng.Khoo@morganstanley.com+8523963-0303InstitutionalInvestorGlobalFixedIncomePollisnowopen.Wehopeyouhaveenjoyedourresearchoverthepastyearandappreciateyoursupport.Requestyourballot.SlightbeatinUKinflation;JPYralliesamidvariouscommentsfrompoliticalleaders;USTflatteningmomentumcontinues;FedspeaksignalstheFOMCis'gettingcloser'toratecuts;BIonhold;DXYat103.74(-0.5%);US10yat4.158%(-0.0bp).•The2024InstitutionalInvestor(II)GlobalFixed-IncomeSurveyisopen.Ifyouenjoyourwork,pleaserateusfivestarsinthefollowingcategories:Global>MacroStrategy,Global>Economics,andregionallyinthefollowingcategories:Fixed-IncomeStrategy,InterestRateStrategy,Currency&ForeignExchange,andCross-AssetStrategy.Thanksforyourreadershipandsupport!•AslightupsidesurpriseinUKinflationdrivenbyabeatinhotelpricessendsgiltscheaper(2Y:-3bp),supportsGBP(+0.3%),andsparksareductioninthe...