调查利率季节性模式：2025年欧洲利率策略更新

European Rates Strategy2025 UpdateMaria Chiara Russo, Strategist maria.chiara.russo@morganstanley.comLuca Salford, Strategist luca.salford@morganstanley.comLorenzo Testa, Strategistlorenzo.testa@morganstanley.comMorgan Stanley & Co. International plc+The performance data provided is a hypothetical illustration of mathematical principles; it does not predict or project the performance of an investment or investment strategy. Past performance is no guarantee of future results. Morgan Stanley does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For analyst certification and other important disclosures, refer to the Disclosure Section. += Analysts employed by non-U.S. affiliates are not registered with FINRA, ma