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The FOMC discussed the current economic conditions, emphasizing the increased downside risks to employment and the uncertainty surrounding the economic outlook. The committee also made significant policy announcements regarding the Federal Reserve's securities holdings.

Liquidity Watch

October FOMC Meeting - Three Minute Recap

Oct 29, 2025

Kendal Cehanowicz, Portfolio Manager, Morgan Stanley Global Liquidity, discusses the latest messaging from the Federal Reserve about monetary policy and the implications for short-term investors.

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Market Insights • Oct 30, 2025
Walking a Fine Line Global Liquidity Team The FOMC discussed the current economic conditions, emphasizing the increased downside risks to employment and the uncertainty surrounding the economic outlook. The committee also made significant policy announcements regarding the Federal Reserve's securities holdings.

Liquidity Watch • Oct 29, 2025 • 3:36 Min
October FOMC Meeting - Three Minute Recap Kendal Cehanowicz Kendal Cehanowicz, Portfolio Manager, Morgan Stanley Global Liquidity, discusses the latest messaging from the Federal Reserve about monetary policy and the implications for short-term investors.

Market Insights • Sep 18, 2025
The Balancing Act Global Liquidity Team The Federal Open Market Committee's recent decision to lower the federal funds rate by 0.25% reflects ongoing economic challenges, including slow growth and inflation above target levels. Explore how these changes might impact investment stategies and connect with Morgan Stanley experts to learn more.

Liquidity Watch • Sep 17, 2025 • 2:58 Min
September FOMC Meeting - Three Minute Recap Kendal Cehanowicz Kendal Cehanowicz, Portfolio Manager, Morgan Stanley Global Liquidity, discusses the latest messaging from the Federal Reserve about monetary policy and the implications for short-term investors.

Market Insights • Jul 31, 2025

Treading Water

Global Liquidity Team

The Federal Open Market Committee (FOMC) decided to maintain the federal funds target rate at 4.25% to 4.50. The Committee will continue to reduce its holdings of Treasury securities and agency debt, including agency mortgage-backed securities, as part of its broader strategy to manage monetary policy. The Committee is prepared to modify its policy stance if risks emerge that could hinder the achievement of its goals.

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Liquidity Watch • Jul 30, 2025 • 3:00 Min
July FOMC Meeting - Three Minute Recap Kendal Cehanowicz Kendal Cehanowicz, Portfolio Manager, Morgan Stanley Global Liquidity, discusses the latest messaging from the Federal Reserve about monetary policy and the implications for short-term investors.

Market Insights • Jun 20, 2025
Policy Puzzle Global Liquidity Team The Fed is currently in a “wait and see” mode - monitoring the impact of tariffs before making any adjustments to the interest rate policy. Looking forward, the Fed remains vigilant about the economic outlook and is prepared to adjust monetary policy as necessary to achieve its dual mandate.

Liquidity Watch • Jun 18, 2025 • 2:50 Min
June FOMC Meeting - Three Minute Recap Kendal Cehanowicz Kendal Cehanowicz, Portfolio Manager, Morgan Stanley Global Liquidity, discusses the latest messaging from the Federal Reserve about monetary policy and the implications for short-term investors.

Market Insights • May 09, 2025
The Age of Maybe Global Liquidity Team The Fed indicated they believe the path ahead remains uncertain and will maintain its data-dependent approach in considering further rate cuts.

Liquidity Watch • May 08, 2025 • 2:39 Min
May FOMC Meeting - Three Minute Recap Kendal Cehanowicz Kendal Cehanowicz, Portfolio Manager, Morgan Stanley Global Liquidity, discusses the latest messaging from the Federal Reserve about monetary policy and the implications for short-term investors.

Market Insights • Mar 30, 2025
Uncertain Chord Global Liquidity Team The level of market uncertaintty grew dramatically in March. Read to see how we are responding to these developments.

Liquidity Watch • Mar 20, 2025 • 4:40 Min
March FOMC Meeting - Three Minute Recap Kendal Cehanowicz Kendal Cehanowicz, Senior Portfolio Manager, Morgan Stanley Global Liquidity, discusses the latest messaging from the Federal Reserve about monetary policy and the implications for short-term investors.

Market Insights • Feb 15, 2025
Policy Paddling Global Liquidity Team Central banks remain data dependent in considering further policy decisions. See our discussion of what happened in January and how our portfolios are positioned.

Market Insights • Feb 10, 2025

Money Market Funds 2025 Outlook

Global Liquidity Team

Money market funds (MMFs) defied prognosticators in 2024 as strong inflows, attractive interest rates and shifting winds created opportunities and obstacles for the industry. While the year began with expectations that investors might allocate away from MMFs into other asset classes, an inverted yield curve, economic uncertainty and enhanced awareness of the product features led to increased demand.

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Liquidity Watch • Jan 30, 2025 • 4:11 Min
January FOMC Meeting - Three Minute Recap Kendal Cehanowicz Kendal Cehanowicz, Portfolio Manager, Morgan Stanley Global Liquidity, discusses the latest messaging from the Federal Reserve about monetary policy and the implications for short-term investors.

Market Insights • Jan 15, 2025
Wading Waters Global Liquidity Team Central banks remain cautious in determining the appropriate degree of monetary easing. See our discussion of what happened in December and how our portfolios are positioned.

Liquidity Watch • Dec 18, 2024 • 4:19 Min
December FOMC Meeting - Three Minute Recap Kendal Cehanowicz Kendal Cehanowicz, Senior Portfolio Manager, Morgan Stanley Global Liquidity, discusses the latest messaging from the Federal Reserve about monetary policy and the implications for short-term investors.

Market Insights • Dec 15, 2024
Synchronized Swimming Global Liquidity Team Central banks increased rates substantially and continue to implement restrictive monetary policy expeditiously as inflation runs above expectations. See our discussion of what happened in December and how our portfolios are positioned.

STABLE NAV FUNDS

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds’ sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

FLOATING NAV FUNDS

You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds’ sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Please consider the investment objectives, risks, charges and expenses of the portfolios carefully before investing. The prospectus contains this and other information about the portfolios. To obtain a prospectus, download one at www.morganstanley.com/liquidity or call 1.800.236.0992. Please read the prospectus carefully before investing.

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