US: MNI POLITICAL RISK - US Daily Brief

Oct-28 12:18
  • President Joe Biden said yesterday that Russian President Vladimir Putin’s regular references to nuclear weapons are “very dangerous.”
  • President Biden and Vice President Kamala Harris will travel to Pennsylvania today to campaign on behalf of Democrat Senate candidate Lt Gov John Fetterman as the fallout continues from Fetterman’s faltering performance in Tuesday’s debate with Republican Mehmet Oz.
  • With 11 days until the 2022 midterm elections early voting data appears to point to several trends which may work against Democrats. Inside is a selection of analyst, insider, and pollster views on key races.
  • Treasury Secretary Janet Yellen has outlined the "three pillars" of the Biden administration’s economic agenda.
  • Senator Kevin Cramer (R-ND) is the latest high-profile Republican lawmaker to publicly clarify that House Minority Leader Kevin McCarthy’s (R-CA) “blank check” comments aren’t representative of the majority position of Republican lawmakers.
  • Poll of the Day: Polling data from four House districts demonstrate the unpredictable variance of the midterms.

Historical bullets

BOE: Options left open to further delay the start of active gilt sales

Sep-28 12:17
  • We still await the BOE's Market Notice.
  • The start of active gilt sales is postponed until 31 October.
  • This is before the next MPC policy announcement due on Thursday 3 November (to try and convince the market these sales will still go ahead).
  • But it will be after the first presentations to the MPC on the macro outlook, and after they've received presentations from the Markets division on market conditions/developments/what's priced in.
  • So the signalling is here from the MPC that they want to press ahead with active gilt sales, but the optionality has been left open for a further postponement when they have more information, if they then deem it necessary.

US TSYS: Repo Reference Rates

Sep-28 12:09
  • Secured Overnight Financing Rate (SOFR): 2.98%, $949B
  • Broad General Collateral Rate (BGCR): 2.98%, $376B
  • Tri-Party General Collateral Rate (TGCR): 2.98%, $352B
  • (rate, volume levels reflect prior session)

US: MNI POLITICAL RISK - US Daily Brief

Sep-28 12:00
  • Senate Majority Leader Chuck Schumer (D-NY) has dropped Senator Joe Manchin’s (D-WV) energy permitting reform proposal from the continuing resolution to keep the government funded until December 16.
  • Florida Governor Ron DeSantis (R-FL) will be under the spotlight as Hurricane Ian heads towards Florida’s Gulf Coast.
  • The January 6 Committee hearing scheduled to take place today has been postponed.
  • A deal on visas could incentivise India's participation in a US led price cap on Russian oil.
  • The US is preparing more sanctions if Moscow annexes Ukrainian territory.
  • Poll of the Day: US voters are increasingly confident in the American political system.