REAL ESTATE: CPI Property - Exchange offer

• +5,000 TUM5 103-10.75, buy through 103-10.5 post time offer at 1038:00ET, DV01 $180,000.
• The 2Y contract trades 103-10.88 last (+.62)

The nonpartisan Joint Committee on Taxation has issued a positive assessment of the revenue implications of the House Republican tax bill. The House Ways and Means Committee is scheduled to mark up the bill today as part of President Donald Trump's 'One Big Beautiful' Bill to legislate his domestic agenda.   

• The JCT scores that the Ways and Means tax bill adds $3.7 trillion to the deficit over 10 years. That is well within the $4 trillion allocated to Ways and Means by the budget resolution adopted by Congress last month.
• The lower score will give House Speaker Mike Johnson (R-LA) and Ways and Means Chair Jason Smith (R-MO) slightly more breathing room as they go into the crucial markup today. One area where the additional headroom could be used is to bump up the SALT cap for blue state Republicans.
• The Ways and Means bill offers a $30,000 cap to people earning less than $400,000. The so-called SALT Republicans rejected that same offer last week, threatening to torpedo the entire package if Johnson didn't revise his offer.

• -6,898 TUM5 103-10.25, post time bid at 1025:32ET, DV01 $250,000.
• The 2Y contract trades 103-10.25 last (+0.0)