US: National Security Advisor Waltz To Leave Post - CBS
May-01 15:00
Jennifer Jacobs at CBS reporting on X that US President Donald Trump's National Security Adviser Mike Waltz and his deputy, Alex Wong, "will be leaving their posts," according to "multiple sources familiar with the situation". The news comes after last month's widely-reported controversy over the discussion of sensitive military operational details on the non-governmental messaging platform Signal.
- Independent journalist Mark Halperin reported earlier today that Waltz and his National Security Council team could be replaced by Trump's frontline negotiator, Steve Witkoff, who has often operated beyond his official remit as special envoy to the Middle East.
- Halperin further reports that Trump's Chief of Staff Susan Wiles is pressing for a shakeup at the Pentagon to bolster Defense Secretary Pete Hegseth's leadership.
- If the reports prove accurate, it would be the first major casualty of the Trump administration and comes amid faltering polling numbers for Trump, both domestically on the economy, and on his handling of foreign policy issues like the Ukraine war and conflict in the Middle East.
- A significant shakeup of Trump's national security team in the White House and Pentagon could compel a strategy pivot on foreign policy issues. Ahead of his appointment, Waltz was widely considered to represent a traditional conservative foreign policy platform. If sidelined, a Witkoff-led NSC could pursue a more deal-oriented foreign policy approach to Russia and Iran.
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US DATA: Federal Govt Layoffs Step Higher But Small Macro Impact In Feb At Least
Apr-01 14:50
- As for other details within the JOLTS report, layoffs were higher than expected in Feb at 1790k although consensus of 1714k is only formed of 4 estimates vs 36 estimates for job openings.
- It followed an upward revised 1674k (initial 1635k) in January to leave layoffs at their highest since September – see chart for recent trends.
- The bulk of the increase came from the private sector, from 1569k to 1692k for its highest since Oct.
- There was a sharp relative increase in federal government layoffs but it remains small from a macro perspective, rising to 22k vs 4k in Jan and a monthly 6k averaged in 2024.
- Contrast that with CNN tracking as of Mar 28 that estimates 121k workers have been fired from federal agencies in the second Trump administration.
- Rounding out the release, hire rates were almost unchanged once again: the total hire rate inched to 3.39% (+0.01pp), the private hire rate nudged up to 3.72% (+0.03pp).
- It masks a federal government hiring rate dropping from 1.13 to 0.96. That’s still above the recent low of 0.93 in November but it otherwise its lowest since May 2018.
GILT AUCTION PREVIEW: On offer next week
Apr-01 14:33
The DMO has announced it will be looking forward to sell GBP2.25bln of the 4.375% Jul-54 Gilt (ISIN: GB00BPSNBB36) at its auction next Tuesday, April 8.
PIPELINE: Kommunalbanken Norway 4Y SOFR Upsized & Launched
Apr-01 14:26
- Date $MM Issuer (Priced *, Launch #)
- 04/01 $1B *DBJ 5Y SOFR+59
- 04/01 $850M #Kommunalbanken Norway 4Y SOFR+41 (upsized from $500M)
- 04/01 $500M Nexa WNG 12Y +250
- 04/01 $Benchmark LPL Holdings 3Y +135a, 5Y +150a, 10Y +187a
- 04/01 $Benchmark Realty Income 10Y +145a
- 04/01 $Benchmark NRW Bank 5Y SOFR+49a
