US: Americans' Disapproval Of Congress Hits All-Time High

• SNB President reiterating board's view on the potential need to intervene on FX, detailing that they raised their readiness to counter the quick appreciation of the franc:
• "SNB CHAIRMAN: WE HAVE RAISED OUR READINESS TO INTERVENE TO COUNTER THE QUICK APPRECIATION OF THE FRANC" (Reuters)
• "INTEREST DIFFERENTIAL TO ABROAD MAKE INVESTMENTS IN SWITZERLAND LESS ATTRACTIVE, DAMPENS ATTRACTIVENESS OF FRANC" (Reuters)
• Schlegel's slides can be found here: https://www.snb.ch/de/publications/communication/speeches/2026/ref_20260324_msl

US President Donald Trump is shortly due to swear in Senator Markwayne Mullin (R-OK) as DHS Secretary. The event is likely to include an opportunity for reporters to grill Trump on the status of Iran negotiations. LIVESTREAM 

• The Senate voted 54-45 yesterday to confirm Mullin as Homeland Security Secretary. The Trump loyalist, who has often acted as an intermediary between the White House and the Senate, will inherit a department that has been partially shut down since February 14. 
• Semafor reports, “The chaos plaguing US airports deepened on Monday as travelers faced hours-long lines stemming from a partial government shutdown. As security officers work without pay, leading many to call out of work or quit, federal immigration agents were dispatched to airports across the country, ramping up a fight in Washington that stems from disagreements over homeland security funding.”
• The framework of a major deal appears to be taking shape that would reopen the Department of Homeland Security and lay the groundwork for a second Republican reconciliation bill that would address some of Trump’s priorities in the SAVE America Act. 
• The reconciliation bill, the second of Trump’s term after the ‘One Big Beautiful Bill’, would enact some elements of the SAVE America Act, like photo IDs for voting, and bundle in other GOP priorities ahead of the midterms, including potential funding for the Iran war.  

• As noted by the US Tsy last week: "If the auction of the 2-year Treasury notes to be held Tuesday, March 24, 2026, results in a high yield in
  a range of 3.625% through and including 3.749%, the 2-year notes will be considered an additional issue of the outstanding 3-5/8% 5-year notes of Series W-2028 (CUSIP No. 91282CGT2) originally issued March 31, 2023.
• Today's auction well through the range with high yield of 3.936% vs. 3.917% WI.
• US Tsy adds: "The additional issue of notes would have the same CUSIP number as the outstanding notes, which are currently outstanding in the amount of $43,000 million. If the auction results in the issuance of an additional amount of the outstanding 5-year notes rather than a new 2-year note, it will be indicated in the Treasury's auction results press release and by a special announcement. Any net long position reporting in this auction should be in regard to the 2-year notes.