New research by Morgan Stanley analysts suggested the prolonged period of strong corporate travel demand may hit speed bumps this year. After surveying 203 corporate travel managers last month, Morgan Stanley concluded that "travel budget expectations are the lowest they've been in recent history."

The March survey updated Morgan Stanley's findings from a November poll. The firm decided to re-survey travel managers because of "volatile macro and stock market backdrops for corporations."

According to the newer survey, fewer expected higher travel spending in 2019 (59 percent versus 66 percent in November). Fewer . . .

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