IMF: NY Post-Bessent Chief Of Staff Set To Become Seniormost US Off. At IMF
Sep-17 13:57
The New York Post reports that, according to its sources, US Treasury Secretary Scott Bessent's chief of staff, Dan Katz, is set to leave the administration to take up the post of first deputy managing director of the International Monetary Fund (IMF). Speaking on the sidelines of the IMF and World Bank spring meetings in Washington, D.C., earlier this year, Bessent criticised both organisations, claiming that “mission creep has knocked these institutions off course".
- Bessent argued the IMF has the mission of "promoting global monetary cooperation and financial stability", but instead is focused on progressive social issues. Bessent: "The IMF and World Bank serve critical roles in the international system. And the Trump Administration is eager to work with them — so long as they can stay true to their missions.”
- If appointed, Katz would become the seniormost US official at the IMF, second only to Managing Director Kristalina Georgieva. Historically, the IMF has always been led by a European, while an American has served as president of the World Bank, although this is not a formalised split. The appointment of a senior Trump administration figure to such an influential role at the IMF would draw attention towards the global lender of last resort.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
EURIBOR OPTIONS: ERZ5 98.50 Calls Lifted Again
Aug-18 13:56
ERZ5 98.50 calls paper paid 0.75 on another 10K.
US TSY OPTIONS: Sep'25 5Y Ratio Put Fly
Aug-18 13:50
- 4,000 FVU5 107.75/108/108.5 2x3x1 put flys, ref 108-22.5
EUROZONE DATA: Trade Surplus Slips Further As Irish Pharma Surge Dries Up
Aug-18 13:45
- The Euro area goods trade surplus was smaller than expected in June at E7.0bln (cons E14.5bln).
- It saw the seasonally adjusted equivalent fall to just E2.8bln after E15.6bln in May for the lowest monthly surplus since May 2023.
- It’s an abrupt further narrowing in surpluses from the E15.0bln averaged in Apr-May and E20.5bln in Q1 (including E27.7bln in March) compared to a more typical E11.6bln in Q4.
- Alternatively, it left a goods trade surplus at ~0.8% GDP in Q2 after 1.6% GDP in Q1 and 0.8% GDP in Q4, with that 2Q25 estimate biased higher by figures earlier in the quarter.
- The narrowing came from a combination of a third consecutive monthly decline for exports (-2.4% M/M) whilst imports firmed (3.1% M/M).
- Export weakness was driven by manufactured goods shipments fell by -4.2% on a -13.2% decline in chemicals & related products likely owing to Irish pharmaceutical exports to the US.
- The more detailed NSA data show that Irish pharmaceutical exports to the US registered an unusually small E1.8bln in June (smallest since Sep 2023) after E8.7bn in May. It’s continued payback from a surge in Q1 when exports summed to E39bln vs the E44bln through 2024 as a whole. As such, it may not necessarily be surprising but it’s still notable and could see similarly small readings ahead.
- Back to the swda data, imports strength looks particularly concentrated meanwhile, with the commodities & other unclassified category surging 148% (from E2.8bln to E7.1bln) and a 7% rise in chemicals & related products (from E30.2bln to E32.3bn).
- As for somewhat more forward-looking indicators of domestic demand, imports of machinery & transport equipment increased a modest 2.2% M/M considering it followed a cumulative -3.6% decline in April and May. It left them up 4.6% Y/Y on this calendar adjusted basis for one of the faster readings in recent years but still relatively tepid for a nominal measure.
