A synopsis of the major reports issued globally by Morgan Stanley strategists in the past week. Please see full versions of these articles on our Client Link Website. Please contact your Morgan Stanley representative for access if needed.
US Interest Rate Strategy Insight: Pulling on a String
Matthew T Hornbach
We remain neutral on duration and in yield curve steepeners. We believe the Fed wants to separate tapering from tightening by shifting the mix of accommodation instead of slowing the pace of additional accommodation.
European Credit Strategy: How Has the European Credit Market Changed? 2013 Edition
Andrew P Sheets
We provide an update
on how the structure of the European credit market has grown and evolved over
European Interest Rate Strategist: Negative Thinking
Anthony O'Brien, Anton Heese
With various ECB
council members talking about the potential for a negative deposit rate, we
suggest examining what happened to DGB when the Danish Nationalbank cut the
deposit rate to -20bp last year, as a possible playbook for potential Euro
curve movements should the ECB follow.