US STOCKS: Equity Sell-Off Extends Briefly With White CEA Chair Miran Comments
Apr-04 17:26
White House Council of Economic Advisers Miran’s comments in a Bloomberg TV interview appear to help another step lower to fresh session lows for the S&P 500 (-5.2%) and Nasdaq 100 (-5.5%).
- They suggest a continuation of the same policy ahead (would need to be “huge” changes to get to a recession and notes tax cuts and deregulation are also in train).
- The tone is similar to his interview with MNI yesterday (MNI INTERVIEW: Tariff Benefits Loom Despite Some Fallout - see here). The opening line from that: U.S. President Donald Trump's new tariff regime is aimed at addressing long-standing trade imbalances that have hollowed out American manufacturing, and the economy stands to benefit broadly despite a negative market reaction.
Pertinent headlines from Bloomberg:
- "*MIRAN: MARCH JOBS SHOW CLOSING BORDER MIGHT NOT HURT PAYROLLS
- *MIRAN: OF COURSE SOME MARKET VOLATILITY DUE TO TARIFFS
- *WHITE HOUSE'S MIRAN: IMPORTS ARE ONLY 14% OF GDP
- *MIRAN: NOTE THAT TAX CUTS, DEREGULATION ARE ALSO IN TRAIN
- "*MIRAN: WOULD NEED TO BE 'HUGE' CHANGES TO GET TO A RECESSION
- *MIRAN: TRUMP LAYING GROUND FOR ECONOMIC BOOM, MARKETS WILL SEE" - bbg
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US TSYS: Tsys Dip on US Weighing Auto Tariff Pause on Canada & Mexico
Mar-05 17:03
- Treasury futures retreat after latest headlines US weighing auto tariffs on Canada and Mexico.
- Still off session lows the Jun'25 10Y contract trades -6 at 111-02 after vs. 110-27 low, still well inside technicals: resistance above at 112-01/02 (High Mar 4 / 1.382 proj of Jan 13-Feb 7-12 swing), support below at 110-23/110-00 (Low Feb 28 / High Feb 7).
- Curves still steeper: 2s10s +3.933 at 28.891, 5s30s +3.428 at 52.483.
GLOBAL: US Weighing Month Delay of Canada & Mexico Tariffs on Autos
Mar-05 17:03
- "*US WEIGHS ONE-MONTH DELAY OF CANADA, MEXICO TARIFFS ON AUTOS" (BBG)
- Bloomberg report that "The Trump administration is considering a one-month delay for automakers from newly imposed tariffs on Mexico and Canada, according to people familiar with the matter, as a temporary reprieve following pleas from industry leaders."
- Commerce Secretary Howard Lutnick has hinted in recent days that exceptions to the initial tariffs were under consideration. Earlier today, he stated that Trump was thinking about autos and USMCA-compliant categories for today's plan.
PIPELINE: Corporate Bond Update: $26B Mars 8Pt Jumbo, 8th Largest on Record
Mar-05 16:58
- Date $MM Issuer (Priced *, Launch #)
- 03/05 $26B Mars $2B 2Y +50, $3.25B 3Y +60, $4.5B 5Y +75, $2.75B 7Y +85, $5B 10Y +95, $2.75B 20Y +110, $4.75B 30Y +117, $1B 40Y +127
- 03/05 $1.5B Axon 5NC2, 8NC3
- 03/05 $1B *KommuneKredit WNG 5Y SOFR+44
- 03/05 $750M #Republic of Armenia 10Y 7.1%
- 03/05 $500M Acadia Health 8NC3
- 03/05 $500M Forestar Group 8NC3
