MNI EXCLUSIVE: MNI INTERVIEW: Case For UK To Ride Out Debt Storm To Autumn-IFS
IFS senior economist on surging UK borrowing costs and policy inaction. -On MNI Policy MainWire now, for more details please contact sales@marketnews.com
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SONIA: SFIM5 96.15/96.45/96.75 Call Fly Lifted
SFIM5 96.15/96.45/96.75 call fly paper paid 3.75 on 25K
CAD: CAD/JPY Uptrend Firms Further on Hawkish 50bpc BoC Cut
As noted above, USD/CAD slips sharply on the back of the BoC decision - dragging the pair through to new daily lows of 1.4127 and through yesterday's lows. The effect on CAD/JPY clear to see, as the cross tests new December highs and narrows the gap with the 100-dma of 107.96.
- This keeps the longer-term uptrend in CAD/JPY intact, as defined by the uptrendline drawn off the 2020 low at 73.82 (crosses at 105.58 today).
US: House To Vote On NDAA Today
The US House of Representatives is expected to vote on final passage of the ~USD$884 billion FY2025 National Defense Authorisation Act at 16:00 ET 21:00 GMT today. The Pentagon bill is a 1% increase in topline spending from the FY24 package. The must-pass piece of legislation usually sails through Congress but is looking more challenging this year with clashes over topline spending and ‘culture war’ provisions.
- Punchbowl reports: “The centerpiece of this massive 1,800-page-plus package is a 14.5% pay raise for junior enlisted service members and a 4.5% pay raise for all other service members. This is a huge deal.”
- House Armed Services Committee Chair Mike Rogers (R-LA) said yesterday: “We’ll win tomorrow, but it will be close," adding he didn't understand why Republican culture war provisions were included as they will be nixed by the Trump administration in January.
- House Speaker Mike Johnson (R-LA) told reporters he expects to conclude work on Continuing Resolution to avert a government shutdown on December 21 as soon as today. The CR is expected to punt government funding until mid- to late-March.
- House Majority Leader Steve Scalise (R-LA) said yesterday that the CR will still include a “large” disaster relief package but it will be trimmed from the USD$115 billion requested by President Biden.
- Axios reports that Congressional leaders are working to include restrictions on U.S. investments in China in the CR, after the package of China bills was excluded from the NDAA.
