Morgan Stanley and Goldman Sachs are facing the same question — but for very different reasons (GS, MS)

What's going on in the fixed income, currencies, and commodities business? It's the question that has dominated earnings calls for Morgan Stanley and Goldman Sachs this week, but for very different reasons. 
Morgan Stanley reported earnings of $1 a share on revenue of $9.7 billion in the first three months of 2017 on Wednesday, beating analyst estimates by a lot. The beat was driven by a big quarter for the investment-banking unit, with revenue of $5.2 billion, up sharply fro