US: House Ways And Means Ctte Could Mark Up Tax Portion Of GOP Megabill On Tues
May-07 15:16
Caitlin Reilly at Roll Call reporting on X that the House Ways and Means Committee is tentatively scheduled to mark up the tax portion of the 'Big Beautiful' Republican reconciliation bill on Tuesday, May 13.
- Reilly: "Hearing from multiple sources Ways and Means is tentatively planning for next Tuesday to mark up its portion of the budget reconciliation bill. It hasn't been formally announced and with so much uncertainty around the rest of the package, this of course could change."
- Politico noted similarly, after a series of House Republican meetings yesterday: “Ways and Means Republicans are at least sounding more optimistic that the panel can hold a vote on the GOP tax package in a matter of “days.”"
- More information may be forthcoming after a 15:00 ET 20:00 BST meeting at the Treasury Department of the so-called budget ‘Big Six’ – Treasury Secretary Scott Bessent, White House National Economic Council Director Kevin Hassett, House Speaker Mike Johnson (R-LA), Senate Majority Leader John Thune (R-SD), House Ways and Means Chair Jason Smith (R-MO), and Senate Finance Committee Chair Mike Crapo (R-ID).
- Meanwhile, Republican moderates and conservatives are struggling to resolve differences over cutting USD$880 billion from the purview of the House Energy and Commerce Committee - the most consequential item in the Republican tax and spending package.
- Punchbowl reports that "after a nearly two-hour meeting between the GOP moderates and Speaker Mike Johnson [yesterday], it’s clear that the moderates are winning" on issue of cutting Medicaid.
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FED: US TSY 26W AUCTION: NON-COMP BIDS $1.542 BLN FROM $68.000 BLN TOTAL
Apr-07 15:15
- US TSY 26W AUCTION: NON-COMP BIDS $1.542 BLN FROM $68.000 BLN TOTAL
FED: US TSY 13W AUCTION: NON-COMP BIDS $2.137 BLN FROM $76.000 BLN TOTAL
Apr-07 15:15
- US TSY 13W AUCTION: NON-COMP BIDS $2.137 BLN FROM $76.000 BLN TOTAL
STIR: Fed Rate Path Continues Push Higher After Tariff Rumor Spike
Apr-07 15:08
- The Fed rate path is pushing higher again having initially fully reversed a spike on unsubstantiated and subsequently refuted headlines around a 90-day pause in tariffs.
- The speculation-driven spike aside, it’s back close at Friday’s close for near-term meetings and a little above for meetings from September onwards.
- Cumulative cuts from an assumed 4.33% effective: 12.5bp for May (vs 16bp at the NY crossover), 35bp Jun (vs 40bp), 57.5bp Jul (vs 66bp) and 99bp Dec (vs 112bp).
- Inter-meeting cut odds still haven’t fully receded though, showing ~2bp of cuts priced in the April FF contract vs closer to 6.5bp of cuts at one point overnight. Today’s regular Board of Governors meeting at 1130ET could be helping that despite being a purely routine event as noted earlier.
- There have been larger reversals of the overnight rally further out the curve: SOFR futures show terminal yields at 3.14% (in the SFRU6) after a ~20bp lift since the NY crossover. It’s now +8.5bp from Friday to limit the slide to ~25bps since Liberation Day tariffs.
