US: MNI POLITICAL RISK - Congress On Govt Funding Collision Course
Jun-14 12:17
- House Speaker Kevin McCarthy (R-CA) may have seen off another revolt from conservative House Republicans but the standoff has elevated the prospect of a government shutdown in just over 100 days.
- US Secretary of State Antony Blinken will travel to China, June 16-21, to meet top officials and discuss open lines of communication.
- US Treasury Secretary Janet Yellen has continued her recent dovish tone on China in testimony to the House Financial Services Committee.
- Jared Bernstein has been confirmed as President Biden's top economic advisor.
- Former President Donald Trump has been arraigned on federal charges.
- President Biden says his economic plan is working to address inflation but positive economic data is failing to translate into approval.
- Biden and NATO chief Jens Stoltenberg discussed the upcoming NATO summit at the White House yesterday.
- Senator James Risch (R-ID) is blocking an arms sale to Hungary in retaliation for Budapest's reluctance to approve Sweden's NATO bid.
- The State Department says reports of an interim nuclear deal with Iran are "completely false."
- President Biden yesterday held an unannounced meeting with Uruguay President Luis Lacalle Pou.
- Poll of the Day: "Republicans are unphased by Trump's legal troubles."
Full article: US Daily Brief
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US TSYS: Repo Reference Rates
May-15 12:14
- Secured Overnight Financing Rate (SOFR): 5.05%, $1.352T
- Broad General Collateral Rate (BGCR): 5.02%, $581B
- Tri-Party General Collateral Rate (TGCR): 5.02%, $574B
- (rate, volume levels reflect prior session)
GBP: GBP/USD Narrows Gap With Friday High into NY Crossover
May-15 12:07
- GBP/USD improving to trade at close to the best levels of the day headed through to NY hours. This marks a near 70 pip bounce off the overnight lows, with spot now narrowing in on 1.2541. Improvement through here opens 1.2680, the current bull trigger at the May 10 high.
- Outside of today's Empire Manufacturing survey, focus remains on Tuesday's UK labour market report, at which markets expect the jobless rate unchanged at 3.8%, and a small moderation for average weekly earnings (albeit countered by an expected tick higher for ex-Bonus stats). Markets currently priced between a further 25-50bps of hikes before year-end, putting the implied peak rate at 4.86% in September.
- More sizeable strikes for GBP/USD are seen lower this week, with £424mln rolling off on 1.24 on Wednesday, and £476mln due at 1.25 on Friday.
PIPELINE: Pfizer Multi-Tranche Investor Calls
May-15 12:06
- Date $MM Issuer (Priced *, Launch #)
- 05/15 $Benchmark Pfizer multi-tranche (2-40Y) investor calls commence today to discuss financing of $43B Seagen deal
- 05/15 $Benchmark CADES 5Y SOFR+47a
- 05/15 $Benchmark Westpac 5Y SOFR+97a
- 05/15 $Benchmark COE Development Bank 3Y SOFR+24a
- 05/15 $Benchmark Saudi Arabia Sukuk 6Y +100a, 10Y +125a
- 05/15 $Benchmark JICA (Japan Int Cooperation Agcy) 5Y SOFR+80a
- 05/15 $Benchmark BGK 10Y +220a
- 05/15 $Benchmark Tokyo 3Y, 5Y investor calls
- $1.75B Priced Friday, $36.8 total last week
- 05/12 $1.75B *Honeywell $750M +5Y +85, $1B +10Y +115
