US: Harris' Recalibration Of Presidential Race Could Bring Florida Into Play

Aug-14 18:17

The first USA Today/Suffolk University presidential election survey of the cycle in Florida has found Vice President Kamala Harris is within “striking distance” of former President Donald Trump in the state.

  • USA Today notes: “Trump leads Harris by 5 percentage points in the survey, but that’s closer than other recent polls… It’s also within the poll’s 4.4% margin of error...”
  • Florida, once considered the country’s largest swing state, has been trending towards the GOP with a Trump 3.3% win in 2020 and Governor Ron DeSantis’ dominant 19% win in 2022.
  • Considering the state now has 1 million more registered Republicans than Democrats, the apparently tight race suggests that Harris’ resurgent campaign could be driving a broader Democrat recovery to somewhere in line with Biden’s successful 2020 campaign.
  • Semafor notes: “Trump is more popular than he’s been in Florida at this point in any of his races; DeSantis is slightly more popular. The outlier is [Senator Rick] Scott [R-FL], who has never won a race by more than 2 percentage points..."
  • If Democrats can make the Florida Senate race competitive, it would expand their 2024 map to include a potential pickup opportunity. Currently, the race for control of the Senate is favouring the GOP as Democrats are certain to lose West Virginia and Senator Jon Tester (D-MO) is expected to have to outperform Harris by double-digits in Montana to hold his seat. Bringing Florida into play could open a second pathway for retaining the chamber.

Figure 1: Florida Favourability Ratings

Source: Semafor

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PIPELINE: $3.25B RBC 3Pt, $2.5B BNY 4Pt, $2.25B PEP 3Pt Debt Launched

Jul-15 18:11
  • Date $MM Issuer (Priced *, Launch #)
  • 7/15 $3.25B #RBC $1.25B 3NC2 +63, $700M 3NC2 SOFR+79, $1.3B 6NC5 +85
  • 7/15 $2.5B #Bank of NY Mellon $600M 4NC3 +65, $300M 4NC3 SOFR+83, $1.1B 8NC7 +90, $500M 15NC10 +138
  • 7/15 $2.25B #PepsiCo $850M 5Y +40, $650M 10Y +60, $750M 30Y +80
  • 7/15 $Benchmark JP Morgan 4NC3 +75, 4NC3 SOFR+93, 6NC5 +87, 11NC10 +107
  • 7/15 $600M *NongHyup Bank $300M 3Y SOFR+80, $300M 5Y +68
  • 7/15 $500M #Aircastle 7Y +165

LOOK AHEAD: Tuesday Data Calendar: Retail Sales, Import/Export Prices

Jul-15 17:57
  • US Data/Speaker Calendar (prior, estimate)
  • Jul-16 0830 New York Fed Services Business Activity (-4.7, --)
  • Jul-16 0830 Retail Sales Advance MoM (0.1%, -0.3%)
  • Jul-16 0830 Retail Sales Ex Auto MoM (-0.1%, 0.1%)
  • Jul-16 0830 Retail Sales Ex Auto and Gas (0.1%, 0.3%)
  • Jul-16 0830 Retail Sales Control Group (0.4%, 0.2%)
  • Jul-16 0830 Import Price Index MoM (-0.4%, -0.2%), YoY (1.1%, 1.1%)
  • Jul-16 0830 Import Price Index ex Petroleum MoM (-0.3%, -0.1%)
  • Jul-16 0830 Export Price Index MoM (-0.6%, -0.1%), YoY (0.6%, --)
  • Jul-16 1000 Business Inventories(0.3%, 0.5%)
  • Jul-16 1000 NAHB Housing Market Index (43, 43)
  • Jul-16 1130 US Tsy $70B 42D CMB bill auction
  • Jul-16 1445 Fed Gov Kugler NABE conf (text, Q&A)

SECURITY: Israel Remains Committed To Ceasefire, US State Dept

Jul-15 17:50

US State Department spokesperson Matthew Miller has told reporters that Israel is "still committed to reaching a ceasefire," despite concerns conveyed by Secretary of State Antony Blinken, "about recent civilian casualties in Gaza."

  • Miller says Blinken, Israeli Minister of Strategic Affairs, Ron Dermer, and Head of the Israeli National Security Council, Tzachi Hanegbi, met on Monday to discuss the latest on ceasefire negotiations.
  • Miller adds: "We believe the remaining issues between Israel and Hamas on a ceasefire deal are issues that can be solved."
  • Comes after Reuters reported on July 13: "Gaza ceasefire talks have been halted after three days of intense negotiations failed to produce a viable outcome, two Egyptian security sources said on Saturday, blaming Israel for lacking a genuine intent to reach agreement."
  • On recent Israeli strikes, Miller says: "Israel has the right to target militants, but that does not justify attacks on civilians."
  • Barak Ravid at Axios reports: "U.S. ambassador to Israel Jack Lew says in a briefing to the Jewish community in the U.S. that while it is not confirmed, there are indications that Israel managed to kill the commander of Hamas' military wing Mohammed Def."
  • Ravid adds: "The Israeli security cabinet will convene tomorrow and discuss the Gaza hostage and ceasefire deal, an Israeli official says."