February 6, 2026 10:40 PM GMT US Rates Strategy | North America Holding Front-End Spreads into a Kevin Warsh-led Fed Investor uncertainty about the balance sheet policies of a Kevin Warsh-led Fed should continue to lend to a flatter UST SOFR swap spread curve. 2y swap spreads still offer positive carry and roll, while investors await forthcoming relief on bank regulation; stay long 2y UST swap spreads. Key Takeaways Please add me to your distribution list. | | | Morgan Stanley does and seeks to do business ...