EM LATAM CREDIT: Peru: Free Trade Talks With U.S. - Neutral
Jul-17 16:49
(PERU; Baa1/BBB-/BBB) "*PERU IN TALKS WITH US FOR NEW TERMS ON FREE TRADE DEAL: SEMANA" - Bbg...
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FED: US TSY 4Y-10M TIPS AUCTION: NON-COMP BIDS $53 MLN FROM $23.000 BLN TOTAL
Jun-17 16:45
- US TSY 4Y-10M TIPS AUCTION: NON-COMP BIDS $53 MLN FROM $23.000 BLN TOTAL
TARIFFS: Supreme Court Asked To Weigh In On US Global Tariffs
Jun-17 16:41
- Bloomberg reports that “two family-owned businesses are asking the US Supreme Court to consider striking down President Donald Trump’s most sweeping tariffs, putting a high-stakes fight with worldwide economic implications before the justices for the first time.
- The request, which stems from a lawsuit filed in Washington by two educational-toy makers, seeks to put the case on an expedited track with the possibility of a definitive Supreme Court ruling by the end of the year. A federal appeals court in a separate case has said the tariffs could stay in effect until that panel hears arguments July 31.”
- White House administration officials have previously expressed confidence in the success of the appeal against the original trade court's ruling (for example, here).
US TSYS: Climbing Off Recent Lows on Pres Trump Weighs in on Iran
Jun-17 16:33
- Still well off this morning post-data knee-jerk highs, Treasury futures are rising again after Pres Trump's latest social media posts regarding Iran, raising chances of deeper involvement in the war between Israel and Iran.
- Tsy Sep'25 10Y futures trades +8.5 at 110-24 vs. 111-00 high, below key resistance and its recent high of 111-14+, a Fibonacci retracement and the Jun 5 high. Clearance of this hurdle would be bullish and highlight a stronger reversal. This would open 111-30, a Fibonacci retracement.
- Curves flatter, 2s10s -2.064 at 45.495, 5s30s -1.234 at 90.812. 10Y yield at 4.4027% vs. 4.3770% low.
- Cross assets ignoring the pick up in geopol risk: Stocks weaker but well off low - (SPX eminis -14.25 at 6075.25), Gold mildly lower at 3380.00, Bbg US$ index climbing again: 1205.80 +3.21.
