OPTIONS: Larger FX Option Pipeline

A combination of EUR strength and USD weakness continues to play out through the London close, as the clocks ticks down headed into Trump's Rose Garden appearance at 1600ET/2100BST.

• The original EUR buying phase followed the Bloomberg report that the EU are planning emergency measures to guard the economy against Trump's tariffs, possibly bolstered by the rally through 1.0850 resistance and the weekly high.
• That report, twinned with headlines that Canada and Mexico are working to enhance their trade deal goes to show that tariffed countries are seemingly looking to take sharp action to both combat Trump's tariffs, as well as enhance cooperation to dampen the blow to economic growth that could follow the immediate installation of reciprocal tariffs today.
• Trump's official schedule only shows the beginning of his 'Make America Wealthy Again' event - and there's little clarity on how exactly his plans will be released: Whether he'll talk the press through a speech, or whether there will be a formal release on the White House website.
• The White House website no longer maintains a livestream page, however CSPAN and Youtube will likely have livelinks - we'll send here when available.

Politico reports that non-governmental advisor Elon Musk is expected to step back from his public-facing duties in President Donald Trump's White House, despite Trump remaining "pleased" with Musk and his Department of Government Efficiency initiative.

• Politico notes: "The transition, the insiders said, is likely to correspond to the end of Musk’s time as a “special government employee,” a special status that temporarily exempts him from some ethics and conflict-of-interest rules. That 130-day period is expected to expire in late May or early June."
• Should Musk's departure come ahead of the 130-day period it could be seen as the Trump administration managing political exposure to Musk's sliding approval rating. A new Marquette Law School survey found: "Approval of how Elon Musk is handling his work in the Department of Government Efficiency (DOGE) stands at 41%, with disapproval at 58%. Musk’s personal favorability is 38%, with 60% unfavorable."
• The report doesn't offer much new information but appears to counter some reporting suggesting that Trump would look to extend Musk's temporary 130-day cap.
• Trump told reporters at the White House this week that his Cabinet secretaries have “gotten a big education” from their experience with DOGE. Trump added: “There will be a point at which the secretaries will be able to do this work [without Musk],” indicating that work to cut the federal workforce will continue.
• Notably, the report comes after a Republican underperformance in a Wisconsin Supreme Court race that was seen as a referendum on Musk's role in the Trump administration. 

• Treasury futures extend session lows - retreating to early overnight levels after Politico headlines announce that Elon Musk will step back from "governing partner" role in the next few weeks. Several new outlets have announced over the last couple days that Musk would be stepping down from DOGE by the end of May.
• Treasuries Jun'25 10Y contract trades 111-18 (-7) vs. 111-15 low, technical support below at 110-26.5 (20-day EMA).
• Curves mildly flatter, off early week highs: 2s10s -.127 at 28.245, 5s30s -0.609 at 59.195.
• Cross asset update: stocks bounce (SPX eminis +26.5 at 5701.00).Bbg US$ index -2.24 at 1270.04.