IRAN: “*OMANI DELEGATION IN TEHRAN TO DISCUSS HORMUZ STRAIT: IRNA” BBG

President Donald Trump has cancelled an ceremony at the US Capitol this afternoon to sign the 21st Century ROAD to Housing Act, suggesting on Truth Social that he will not sign the legislation until Congress passes the SAVE America Act. 

• “Today’s Housing News Conference and Signing is hereby cancelled until such time as we pass the desperately needed SAVE AMERICA ACT, which I consider to be a National Emergency,” Trump wrote.
• The cancellation comes shortly before Trump is scheduled to meet with Senate Republicans at the GOP Steering Committee’s weekly lunch. It is unclear if Trump will still attend the meeting, with reporting this week stating that Senate Majority Leader John Thune (R-SD) and other senior Senate Republicans were preparing to tell Trump that the party does not have sufficient votes to pass SAVE or terminate the Senate filibuster.
• It is unlikely Trump can avoid signing the legislation entirely considering it passed both chambers of Congress with sweeping veto proof bipartisan majorities and is one of the few concrete legislative achievements of Trump’s second term that addresses voters’ concerns over affordability. Trump’s approval rating on inflation is currently at around net -44% - by far his weakest issue, per Silver Bulletin.
• The White House described the bill yesterday as “one of the most significant pieces of housing affordability legislation in American history."

The DMO has announced it will be looking to sell GBP1.25bln of the 0.125% Aug-31 linker (ISIN: GB00BNNGP551) at its auction next Wednesday, July 1.

• US EIA: CRUDE OIL STOCKS EX SPR -6.09M TO 412.1M IN JUN 19 WK
• US EIA: DISTILLATE STOCKS +3.06M TO 106.1M IN JUN 19 WK
• US EIA: GASOLINE STOCKS +2.06M TO 216.3M IN JUN 19 WK
• US EIA: CUSHING STOCKS -1.08M TO 19.0M BARRELS IN JUN 19 WK
• US EIA: SPR -9.06M TO 331.2M BARRELS IN JUN 19 WK
• US EIA: REFINERY UTILIZATION WEEK CHANGE -0.6% TO 96.1% IN JUN 19 WK