POWER: Germany’s Energy Minister Back Climate Neutrality Target
Jul-25 15:51
Germany’s economy minister Katherina Reiche has called the country’s climate neutrality target by 2045 doable but ambitious and calls for technology openness within the energy sector according to the FAZ.
- “The 2045 climate target is valid, but it is damn ambitious," Reiche said.
- Germany targets climate neutrality five years ahead of the rest of the bloc in 2045.
- The minister also confirmed that the government has commissioned a monitoring report about the status and goals of Germany’s energy transition. The report is expected to be presented by the end of August, she added.
- The German coalition agreement previously stated the new government plans to commission a report, also to determine the country’s expected future power demand.
- Separately, defended the country’s plans to build 20GW of new gas-fired power plants, especially for Dunkelflaute periods. She urged that the capacity must be quickly connected to the grid.
- Furthermore, Reiche said that the government intends to have the CCS law passed by the cabinet this summer as the industry investment certainty.
- The revised version of the law under the CDU/CSU-SPD coalition will be "more understandable, less bureaucratic, and more technology-neutral," Reiche announced.
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US TSY OPTIONS: Aug'25 10Y Vol for Sale
Jun-25 15:46
- -5,000 TYQ5 111.5 straddles 131-130 ref 111-16
- -8,000 TYQ5 110.25/112.75 strangles, 36 ref 111-16
OPTIONS: Larger FX Option Pipeline
Jun-25 15:45
- EUR/USD: Jun27 $1.1400(E1.2bln), $1.1415-25(E1.1bln), $1.1600(E1.1bln); Jun30 $1.1650(E2.0bln), $1.1700(E1.1bln); Jul01 $1.1700(E1.4bln)
- USD/JPY: Jun30 Y143.65-85($1.4bln), Y145.35-50($1.3bln), Y148.40($1.3bln)
- USD/CAD: Jun27 C$1.3630-45($1.2bln)
US: Senate Finance Proposes $15B Rural Hospital Fund For OBBB
Jun-25 15:37
The Senate Finance Committee has circulated a memo proposing a USD$15 billion "stabilization fund" for rural hospitals. The proposal, to be included in the GOP's One Big Beautiful Bill, is designed to assuage concerns amongst some Republican Senators that cuts to Medicaid will gut rural hospitals. The initial proposal falls well short of the USD$100 billion called for by some Senators.
- Memo: "This section would make $3 billion, in each of fiscal years (FY) 2027 through FY 2031, for a total of $15 billion in funding, available to the 50 states. Under the program, a state would be required to submit an application to the CMS Administrator in order to receive federal funding..."
- Senator Josh Hawley (R-MO) said this week: “I am confident [OBBB] will not be put on the floor as it is currently. Something will change... It’s all a work in progress.” He warned: “This rural hospital stuff, this could threaten the progress of the whole bill. Let’s resolve this and move this thing along. Otherwise, we’re going to be sitting here looking at each other in August."
- Burgess Everett at Semafor notes on X: "I do not think people fully appreciate that the final negotiations on the reconciliation bill (Medicaid, SALT, etc.) could go up until right before the bill passes and be the last amendment of the votearama."
- Punchbowl reports that SALT Republicans are currently meeting with Treasury Secretary Scott Bessent to address concerns that the Senate will water down the House-passed SALT cap.
