US: MNI POLITICAL RISK - Trump To Be Arraigned On Four Charges

Aug-03 12:24

Former President Donald Trump will be arraigned today at 16:00 ET 21:00 BST on four felony charges related to alleged efforts to prevent certification of the 2020 presidential election.
US Treasury Secretary Janet Yellen yesterday issued another criticism of Fitch Ratings' decision to downgrade the US' sovereign credit rating.
Senate Minority Leader Mitch McConnell's (R-KY) recent health problems have raised questions about the future leadership of the Senate Republican conference.
Vice President Kamala Harris, Commerce Secretary Gina Raimondo, and Senator Tammy Baldwin (D-WI) will deliver a joint press conference on Biden administration plans to roll out high-speed internet in Wisconsin today.
Two Democrat groups are campaigning to prevent the independent “No Labels” from gaining traction for a presidential bid.
Secretary of State Antony Blinken will deliver remarks at a UN Security Council event today on global food insecurity.
Energy permitting reform has progressed with two major new policy revisions.
Vice President Kamala Harris met yesterday with Mongolian Prime Minister Oyun-Eerdene Luvsannamsrai, as global leaders court Mongolia’s huge reserves of minerals.
Poll of the Day: US gasoline prices ticked up 15 cents in the past week.

Full article: US Daily Brief

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Jul-04 12:23

GoCs have seen a modest intraday flattening as they tread their own path with cash Tsys closed.
Bearish catch-up from yesterday’s Canada Day closure remains the main theme for today but the front-end to belly has extended the cheaper open to underperform on the day with yields 7-7.5bps higher vs 6.5bps for 10s and 4.5bps for 30s.
2s10s sit close to recent lows at -132bps.
Ahead, S&P Global Mfg PMI at 0930ET after it fell back closer to recent lows at 49.0 in May, before bill issuance later on.

Jul-04 12:14

GBP/USD makes a failed test on the Friday high, inching to 1.2725 before fading to trim the day's gains to ~20 pips. This keeps price action contained headed through the midway point of the session, with volumes and activity expected to remain muted across the US market holiday.
Any resumption of the push higher and show above 1.2727 would then eye 1.2750/1.2753 for direction, the 61.8% retracement of the pullback from the June high and the Jun28 high from last week.
Currency futures markets show the impact of the US Independence Day holiday: GBP futures are currently clocking cumulative volumes of around half of the running average for this time of day.
Options markets see similarly muted trade: DTCC-tracked trade saw ~$50bln notional trade yesterday, the lowest since 29th May.

Jul-04 12:10

The Bloomberg Nanos consumer confidence index was unchanged at 52.3 in the week to Jun 30, consolidating the prior week’s largest decline since Nov.
Despite the decent recovery off Oct/Nov lows to back above 50 levels, it remains below the 53.5-59 range seen in 2018 and 2019 prior to the pandemic.
The latest unchanged reading came from mixed details, with a lift in the pocketbook but a more pronounced rolling over in expectations.

Nanos Economic Mood (white), pocketbook (green) and expectations (yellow)Source: Bloomberg

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