MNI: INVITE: Livestreamed MNI Connect VC with Fed's Mary Daly On July 10

Treasury Secretary Scott Bessent has told CNBC and Fox News that President Donald Trump is “intimately involved” in “bespoke” deals with 15-18 trading partners. Bessent added: “I would guess that India would be one of the first trade deals we would sign.”

• Bessent did little to offset confusion over communication between China and the US on trade, stressing that Beijing must reach out first: “Maybe they’ll call me one day.”
• Bessent said he is “not worried about empty shelves,” noting “we'll see elasticities, we'll see replacements” as US businesses prepare to receive the first shipments of steeply tariffed Chinese goods.
• FT notes: “The Port of Los Angeles, the main route of entry for goods from China, expects scheduled arrivals in the week starting May 4 to be a third lower than a year before...”
• White House Press Secretary Karoline Leavitt told reporters a few moments ago that Bessent will join the White House briefing at 08:30 ET 13:30 BST on Tuesday to “highlight the Trump administration’s economic accomplishments.”
• At some point this week, Bessent is expected to deliver to Congress the Treasury Department’s official X-date projection. Various non-partisan agencies project the X-date is likely to fall sometime in August or September. We expect it on the later end as Treasury will be bolstered by tariff revenue.
• Leavitt adds that Trump will hold an ‘open press Cabinet meeting’ tomorrow and make a rare trip outside Washington/Florida to deliver a speech in Michigan to mark his first 100 days in office.  

• Date $MM Issuer (Priced *, Launch #)
• 04/28 $Benchmark Alphabet 4pt 5Y +55a, 10Y +70a, 30Y +90a, 40Y +100a; also issuing in Euro: 4Y, 8Y, 12Y, 20Y and 29Y. Note: The last time Alphabet issued debt was $10B August 3 2020 - over 6 tranches: $1B 5Y +25, $1B 7Y +45, $2.25B 10Y +58, $1.25B 20Y +73, $2.5B 30Y +88 and $2B 40Y +108.
• 04/28 $Benchmark Northern States Power 10Y +115a, 30Y +130a
• 04/28 $Benchmark Consumer Energy +5Y +95a, 10Y +115a
• 04/28 $Benchmark Swedish Export Credit Corp 3Y SOFR+48a
• 04/28 $Benchmark Procter & Gamble 5Y +55a, 10Y +70a
• 04/28 $Benchmark Posco Holdings 5Y +180a, 10Y +200a
• 04/28 $Benchmark Kookmin Bank 3Y +77.5, 5Y +82.5
• 04/28 $Benchmark General Dynamics 10Y +110a
• 04/28 $Benchmark World Bank 3Y +38a, 7Y +57a
• 04/28 $Benchmark Colgate Palmolive 5Y +60a
• 04/28 $Benchmark DR Horton +5Y +130a
• 04/28 $Benchmark Keurig Dr Pepper 4pt TBA
• 04/28 $Benchmark KFW 5Y details TBA