OPTIONS: Expiries for Jul07 NY cut 1000ET (Source DTCC)

The DMO has announced it will be looking to sell GBP4.25bln of the 4.50% Mar-35 Gilt (ISIN: GB00BT7J0027) at its auction next Wednesday, June 11.

The Congressional Budget Office has unveiled an updated score on the House-passed Republican 'One Big Beautiful Bill', finding the package would add USD$2.4 trillion to the federal deficit over 10 years, primarily due to tax cuts.  

• White House policy advisor Stephen Miller said ahead of the release: "One of the bigger points of confusion on the BBB is spending vs tax cuts. The lefty CBO says extending the 2017 tax cuts (preventing their expiration) increases the deficit."
• Miller continued: "Some critics have seen this figure and claimed or implied the bill increases spending. Even according to CBO, the bill cuts spending over $1.6 trillion."
• Miller added: "So when a libertarian (eg [Senator Rand Paul (R-KY)]) attacks the “deficit” impact of the bill they are attacking the tax cut. Of course, honestly accounted, extending current tax rates has zero deficit impact which is why the bill, because of its spending cuts, reduces the deficit..."
• The White House claimed in a statement yesterday: "The bill delivers the largest deficit reduction in nearly 30 years, with $1.6 trillion in mandatory savings — the largest single reduction in mandatory spending in our country’s history."
• OMB Director Russell Vought said in a statement that the bill, "provides a historic $1.6 trillion in mandatory savings... $36 trillion in debt is not solved overnight. It is solved by advancing and securing victories at a scale that over time..."

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• US EIA: REFINERY UTILIZATION WEEK CHANGE +3.2% TO 93.4% IN MAY 30 WK