ASIA: Coming Up In Asia Pac Markets On Thursday

MNI interviews legal scholar and ex-NY Fed staffer Lev Menand on whether Trump could fire Jerome Powell. -- On MNI Policy MainWire now, for more details please contact sales@marketnews.com

• Treasuries look to finish mostly lower Monday, curves twist steeper as the short end outperforms a sell-off in the long end, risk sentiment hampered as stocks hold at or near session lows.
• Headline risk continues to rattle markets, latest focus partially tied to headlines that the WH is in the process of replacing Sec of Defense Hegseth following reports of another Signal Chat leak made the rounds. Politico reported GOP Rep Bacon said "Hegseth should Go". Conversely, WH Press Sec Leavitt just said the NPR report is false.
• Global trade remains the greater concerns, markets await something concrete in tariff negotiations vs. hopes and promises that talks with dozens of countries is going well, while Pres Trump berates Fed Chairman Powell and reiterating a call for "preemptive cuts".
• Curves near late highs: 2s10s currently +13.246 65.492 vs. 66.377 high, 5s30s +8.604 at 94.411. Jun'25 10Y futures -13.5 at 110-24 vs. late overnight low of 110-22. Technical at 110-15/109-08 (Low Apr 15 / 11 and the bear trigger). In turn, projected rate hike pricing gain momentum vs. morning levels (*) as follows: May'25 at -4bp (-3.4bp), Jun'25 at -19.8bp (-19bp), Jul'25 at -43.6bp (-40.1bp), Sep'25 -63.4bp (-59.9bp).
• Stocks reacting negatively, extending lows with SPX eminis slipping to 5127.25 low, Consume Discretionary and IT sectors underperforming. US$ broadly weaker, BBG index -8.47 at 1216.21.
• Tuesday Data Calendar: several Fed speakers, Richmond Fed data and Tsy $69B 2Y Note Sale.