Morgan Stanley Fixed-Global Macro Commentary July 15-109248883

MUpdateGlobalMacroCommentary|NorthAmericaJuly15MorganStanley&Co.LLCAlexandraMaierStrategistAlexandra.Maier@morganstanley.com+1212761-0428MorganStanley&Co.Internationalplc+DominicJKrummenacherStrategistDominic.Krummenacher@morganstanley.com+44207425-9781MorganStanleyAsiaLimited+GekTengKhooStrategistGek.Teng.Khoo@morganstanley.com+8523963-0303InstitutionalInvestorGlobalFixedIncomePollisnowopen.Wehopeyouhaveenjoyedourresearchoverthepastyearandappreciateyoursupport.Requestyourballot.FedChairPowellsaysrecentinflationdataaddconfidence;USTsbear-steepen;BoCsurveysshowinflationexpectationsdecreasedandlabormarketsloosened;weakChineseeconomicdataweighonCGBcurve;Argentinepesogainsamidreportsofintervention;DXYat104.25(+0.1%);US10yat4.229%(+4.7bp).•The2024InstitutionalInvestor(II)GlobalFixed-IncomeSurveyisopen.Ifyouenjoyourwork,pleaserateusfivestarsinthefollowingcategories:Global>MacroStrategy,Global>Economics,andregionallyinthefollowingcategories:Fixed-IncomeStrategy,InterestRateStrategy,Currency&ForeignExchange,andCross-AssetStrategy.Thanksforyourreadershipandsupport!•FedChairPowelldoesnotgivesignalonthetimingofratecutsbutnotesthattherehavebeen"threebetterreadings"oninflationthat“doaddtoconfidence”thatinflationisheadingtowardtarget.•USTsbear-steepenamidincreasedfocusonpoliticsastradessupportinghighertermpremiumamide...