CONSUMER STAPLES: Metro AG | 2Q (to March) earnings ahead

• +5,458 UXYM5 112-29.5, buy through 112-26 post time offer at 0905:00ET, DV01 $480,000. The 10Y ultra contract trades 112-30 last (-4).

• Bund made another attempt at the small support noted today at 130.75, this time printed a 130.75 low.
• Overall volumes have been on the lighter side, not seen anything above 3.5k cumulative single order type flows in Treasuries.
• US Tnotes (TYM5) has been trading in a 6 big ticks range in the past couple of hours or so, trading either side of flat.
• Looking ahead to the Cash Equity open, we are set for a circa flat open.

President Donald Trump is preparing a rescission package that will direct Congress to undo USD$9.3 billion in funding for the State Department aid budget and public broadcasting. The package is expected to be delivered to Congress when lawmakers return from recess. Passage through Congress will require a simple majority from both chambers. 

• The New York Post, which first reported on the planned request, noted the request covered roughly $1 billion for the Corporation for Public Broadcasting and more than $8 billion for USAID and other State Department efforts.
• Politico notes: "Congressional Republicans have been asking [the White House] for more a month now to send over a formal rescissions package, which would allow lawmakers to approve or reject specific funding cuts... Some GOP senators have even directly appealed to Elon Musk for the chance to codify the spending cuts he’s made through his Department of Government Efficiency initiative."
• Politico adds: "Trump sent a request in 2018 to claw back $15 billion, the Senate rejected the plan. And not all Republicans support cutting funding for all the programs Trump would target in the new request."