EURIBOR OPTIONS: Large Put Spread

US Treasury Secretary Scott Bessent is shortly due to deliver testimony to the House Ways and Means Committee. LIVESTREAM At 16:00 ET 21:00 BST, Bessent will head to the Senate for a second round of testimony to the upper chamber's Appropriations panel.

• Bessent will receive a grilling from Democrats on Trump’s trade policy – particularly the details of the newly minted trade framework with China - as well as the deficit implications of the ‘One Big Beautiful Bill’. Rep. Suzan DelBene (D-WA) said she “wants answers on the administration’s plans for financial data,” per Semafor.
• Bessent yesterday downplayed reports that Trump could tap him as the next chair of the Federal Reserve: “I have the best job in Washington. The president will decide who’s best for the economy and the American people.”

Unsurprisingly, the Trump administration has taken to social media calling for Fed rate cuts since the CPI data crossed:

• President Trump posted the following on Truth Social: “PI JUST OUT. GREAT NUMBERS! FED SHOULD LOWER ONE FULL POINT. WOULD PAY MUCH LESS INTEREST ON DEBT COMING DUE. SO IMPORTANT!!!”
• Vice President Vance posted the following on X, quoting a post that provided the CPI figures: “The president has been saying this for a while, but it's even more clear: the refusal by the Fed to cut rates is monetary malpractice”

• Chinese policy advisors give their view of the likelihood of a trade deal with the U.S. -- On MNI Policy MainWire now, for more details please contact sales@marketnews.com