FED FUNDS FUTURES: BLOCK: Nov'25 Fed Funds Buy

US President Donald Trump has characterised his call with Ukrainian President Volodymyr Zelenskyy and European leaders this morning as "very good," adding that he would "rate it a ten, very friendly." 

• Speaking at the Kennedy Center, Trump claimed that it wasn't his decision to exclude Zelenskyy from Friday's summit with Russian President Vladimir Putin. Trump's wideranging remarks can be reviewed here: LIVESTREAM
• Trump said there is a "very good chance" of a second meeting with Zelenskyy, if the Alaska summit goes well. He notes that a potential second meeting will be "much more productive than the first because the first is to find out where we are and what we're doing."
• Trump adds: "If the first one goes OK, we'll have a quick second one. I would like to do it almost immediately." He notes the second meeting would be between Zelenskyy and Putin (and Trump if "they're like to have me there").
• Trump reiterates the Alaska meeting is "setting the table for the second meeting," but warns "there may be no second meeting," if he feels it's "not appropriate to have it because I didn't get the appropriate answers".
• Asked if there will be consequences if Putin does not agree to stop the war after the Alaska meeting," Trump says "yes there will". Adds that he "doesn't have to say what the consequences will be" but "there will be consequences."
• Treasury Secretary Scott Bessent indicated to Bloomberg TV this morning that European allies need to be prepared to back sanctions and harsh secondary tariffs on Russia. 

From a little earlier this afternoon "Rakuten Bank to Refrain From JGB Buying as More Rate Hikes Seen" Bloomberg

From the story: "Rakuten Bank Ltd. will likely hold back from actively buying Japanese government bonds until the central bank raises interest rates again, in the latest sign that an uncertain policy outlook is weighing on investor sentiment."

"The lender, a unit of Japan’s e-commerce giant Rakuten Group Inc., has seen its total deposits almost triple from five years ago to ¥11.7 trillion ($79 billion) at the end of June, as its online banking services attract more customers. While the deposits are dwarfed by those of Japan’s biggest lenders, Rakuten Bank’s fast-growing cash pool is pushing it to look for investments".

Comes against a backdrop of ongoing concerns around JGB liquidity and structural demand. Yesterday, the 10-year JGB went untraded for the first time in two years.

• US TSY 17W BILL AUCTION: HIGH 4.050%(ALLOT 41.13%)
• US TSY 17W BILL AUCTION: DEALERS TAKE 28.74% OF COMPETITIVES
• US TSY 17W BILL AUCTION: DIRECTS TAKE 5.29% OF COMPETITIVES
• US TSY 17W BILL AUCTION: INDIRECTS TAKE 65.98% OF COMPETITIVES
• US TSY 17W BILL AUCTION: BID/CVR 3.50