US: MNI POLITICAL RISK - House Passes "One Big Beautiful Bill"
May-22 12:23
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- The House of Representatives passed the GOP tax and spending bill in a tight party-line vote - a major win for House Speaker Mike Johnson (R-LA) and President Donald Trump.
- The new revised ‘Big Beautiful Bill’ includes a raft of sweeteners for conservatives and Blue-state Republicans: It accelerates work requirements for Medicaid, sharpens language on Biden-era clean energy credits, and gives another boost to the SALT cap.
- The bill will now be handed to the Senate, where Republicans are expected to rewrite the tax portion, soften language on safety net programmes like Medicaid, and potentially seek to salvage some of the IRA credits.
- Trump will join HHS Secretary Robert F. Kennedy Jr. for an event at the White House formalising RFK’s mission.
- Treasury Secretary Scott Bessent and his Japanese counterpart, Katsunobu Kato, "did not discuss foreign exchange levels" in a G7 meeting, according to the Treasury Department.
- Trump said he is “giving very serious consideration to bringing Fannie Mae and Freddie Mac public.”
- China criticised Trump’s proposed ‘Golden Dome’ missile defence shield. Canada is reportedly considering joining the programme.
- Iran warned Israel against attacking Iran's nuclear sites, saying that Tehran "will take all necessary measures" to protect its interests.
- Poll of the Day: Voters believe wealthy Americans should pay more taxes, "contrary to what has been proposed in the GOP tax plan.”
Full Article: US DAILY BRIEF
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US: MNI POLITICAL RISK - Trump Spikes Uncertainty With Fed Rhetoric
Apr-22 12:22
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- At 16:30 ET 21:30 BST, President Donald Trump will participate in a White House ‘swearing-in’ ceremony for SEC chair Paul Atkins.
- Trump noted yesterday that he will attend Pope Francis’ funeral in Rome - A first international trip that will give world leaders a rare chance for face time with Trump.
- The IMF will unveil its first World Economic Outlook since Trump returned to office at 09:00 ET 14:00 BST.
- VP Vance and negotiator Steve Witkoff are expected to meet the Qatari PM today to discuss the Middle East.
- Trump is backing Defense Secretary Pete Hegseth amid another escalation in the Signal controversy and reports of "chaos" at the Pentagon.
- US stock markets slumped again after Trump escalated rhetoric towards Fed Chair Jerome Powell. Trump’s comments came after economic adviser Kevin Hassett said that Trump was “studying” if Powell could be fired.
- Trump provided some clarity on actions considered “non-tariff cheating”.
- Delegations from South Korea, India, and Thailand will meet Trump officials this week, with India emerging as a possible trade win.
- The Treasury Department is expected to send Congress its X-date projection next week.
- The White House is expected to send a $9.3 billion recissions package to Congress this week.
- The US, UK, France, and Ukraine will hold Ukraine war talks in London on Wednesday.
- Poll of the Day: Trump’s approval remains relatively stable this week.
Full Article: US DAILY BRIEF
STIR: Repo Reference Rates
Apr-22 12:16
- Secured Overnight Financing Rate (SOFR): 4.32% (+0.00), volume: $2.469T
- Broad General Collateral Rate (BGCR): 4.32% (+0.01), volume: $1.027T
- Tri-Party General Collateral Rate (TCR): 4.32% (+0.01), volume: $987B
- (rate, volume levels reflect prior session)
STIR: SOFR Dec'25 Broken Call Fly
Apr-22 12:13
- 19,750 SFRZ5 96.75/97.00/97.12 broken call flys ref 96.57
