US TSYS/OVERNIGHT REPO: ON RRP Takeup Hits 2025 Highs With Quarter-End Ahead

US President Donald Trump has issued a statement on Truth Social, following a virtual meeting of G7 leaders, claiming that he is in "serious discussions" with Russian President Vladimir Putin on ending the war in Ukraine.

• Trump: "I am in serious discussions with [Putin] concerning the ending of the War, and also major Economic Development transactions which will take place between the United States and Russia. Talks are proceeding very well!"
• Trump noted that he emphasized to G7 leaders, "the importance of the vital “Critical Minerals and Rare-Earths Deal” between the United States and Ukraine, which we hope will be signed very soon!"
• Trump says the “Economic Partnership,” will "ensure the American people recoup the Tens of Billions of Dollars and Military Equipment sent to Ukraine, while also helping Ukraine’s economy grow as this Brutal and Savage War comes to an end."
• Trump and Macron will now have two bilateral sessions and then appear together for a joint press conference at 14:00 ET 19:00 GMT. Following the presser, Macron will meet with US Senators at 16:00 ET 21:00 GMT.  
• The comment appears another significant signal from Trump that he intends to restore economic ties with Russia. It is unclear what level of economic cooperation the Trump administration envisages, with Moscow suggesting US companies return to Russia's O&G sector.
• Experts cited by the New York Times note that even in the event of a ceasefire agreement, Russia's challenging business environment may prevent a quick return to pre-war operations.  

• US Data/Speaker Calendar (prior, estimate)
• 25-Feb 0420 Dallas Fed Logan in London, moderated Q&A
• 25-Feb 0830 Philadelphia Fed Non-Mfg Activity (-9.1, --)
• 25-Feb 0900 FHFA House Price Index MoM (0.3%, --)
• 25-Feb 0900 House Price Purchase Index QoQ (0.7%, 0.3%)
• 25-Feb 0900 S&P CoreLogic CS 20-City MoM SA (0.41%, 0.40%)
• 25-Feb 1000 Conf. Board Consumer Confidence (104.1, 102.7)
• 25-Feb 1000 Richmond Fed Mfg Index (-4, -3)
• 25-Feb 1000 Dallas Fed Services Activity (7.4, --)
• 25-Feb 1130 US Tsy $75B 6W Bill sale
• 25-Feb 1145 Fed VC Barr moderated Q&A
• 25-Feb 1300 US Tsy $70B 5Y Note sale (91282CMQ1)
• 25-Feb 1300 Richmond Fed Barkin on inflation (text, Q&A)

• The European Commission says it will sharpen its trade tools to stop the bloc becoming a dumping ground -- On MNI Policy MainWire now, for more details please contact sales@marketnews.com