According to @business, Morgan Stanley reported zero dollars in loan-loss provisions in its latest results amid emerging concerns about US credit quality, marking a notable stance on reserve builds this quarter, source: Bloomberg via @business, bloomberg.com. A zero provision removes incremental credit expense under CECL for the period, mechanically supporting reported earnings relative to quarters with reserve builds, source: FASB ASC 326 Current Expected Credit Loss. For traders, this datapoint is central to pricing Morgan Stanley credit risk and bank equity volatility, and bank-stress shifts have historically transmitted to crypto risk sentiment through tighter financial conditions, source: IMF Global Financial Stability Note 2022 on equity-crypto correlations; BIS Bulletin 2023 on crypto risk linkages. Key watch items now include management guidance on net charge-offs and reserve outlook, ICE BofA US High Yield OAS for macro credit tone, and BTC and ETH volatility and funding metrics for spillover, source: FASB ASC 326; ICE BofA Indices; CME CF and Deribit volatility benchmarks.