June 2, 2025 02:03 PM GMT Cross-Asset Spotlight | Global M Update Signals, Flows & Key Data Ariana Gamero Strategist Source: Bloomberg, MSCI, Morgan Stanley Research forecasts; Note: Returns are total returns, except for credit, where we forecast excess returns versus government bonds. Commodity returns are calculated relative to futures to account for carry. Volatility is 10y realized vol. All currency returns are shown as XXXUSD return. *Currency forecasts shown for USDXXX. Morgan Stanley & Co. LLC Serena ...