US: MNI POLITICAL RISK - OMB Threatens Mass Layoffs As Shutdown Looms

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• At 11:00 ET 16:00 BST, President Donald Trump will hold his first Cabinet meeting since July 8. Press questions at the top are likely to focus on Trump’s move to fire Fed governor Lisa Cook.
• Vice President JD Vance is in Wisconsin, touting the GOP's One Big Beautiful Bill.
• Trump will “substantially” increase tariffs on countries that don’t remove “discriminatory” digital services taxes.
• Trump defended his decision to take a 10% stake in Intel, saying, "I hope I'm going to have many more cases like it."
• The top aide to China’s lead trade negotiator is in Washington for talks with business representatives and counterparts from the USTR and Treasury Department. Trump said on China: "We have tremendous power over them, and they have some power over us.”
• South Korean President Lee Jae Myung pitched a shipbuilding partnership and pledged more US investment, in his first meeting with Trump.
• The Trump administration is threatening military deployments to more Democrat-run cities, including Chicago and Baltimore.
• The DNC’s summer meeting gets underway today.
• Fifteen red states and three blue states could redraw their 2026 Congressional maps without voter input or constitutional changes.
• Trump said personal animosity is preventing a bilateral meeting between Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskyy.
• Iran is likely to be hit by 'snapback' UN sanctions in mid-October.
• Poll of the Day: Republicans are less concerned about inflation than Democrats

Full Article: US DAILY BRIEF

• E3bln WNG (excl. E250mln issuer retention) of the new 7-year Sep-32 RAGB
• Reoffer 99.948 to yield 2.808%
• Spread set earlier at MS+30 (guidance was MS+33 area)
• Books closed in excess of EUR 19bn, including EUR 1.8bn JLM interest
• Format: Reg S, Bearer, 144A eligible, CAC
• Settlement: 02 September 2025 (T+5)
• Maturity: 20 September 2032 (7Y)
• Coupon: 2.80%, Fixed, Ann., ACT/ACT (Long 1st to 20 September 2026)
• ISIN: AT0000A3NY15
• Bookrunners: BofA / DB(DM/B&D) / Erste Group / HSBC / JPM / Raiffeisen Bank International
• DB=DM/B&D. HR 103% vs DBR 1.7 08/15/32
• Timing: Priced. TOE 14.03CET FTT  14.20CET/13.20UKT

From market source

• Secured Overnight Financing Rate (SOFR): 4.37% (+0.01), volume: $2.825T
• Broad General Collateral Rate (BGCR): 4.35% (+0.00), volume: $1.153T
• Tri-Party General Collateral Rate (TCR): 4.35% (+0.00), volume: $1.121T
• (rate, volume levels reflect prior session)