CANADA: PM Carney Schedules Presser to Announce Support for Steel Sector

Natixis recommend buying AUD/JPY 3m Y91.50 puts, with a knock-out at Y86.00

• They cite the final version of Trump's tax bill as potential leading to larger fiscal deficits and another potential trigger for a spike in UST term premiums, meaning a resurgence of risk aversion in the coming months leading to a further correction of overvalued stock markets. As such, a new correction in AUD/JPY toward Y86.00 cannot be dismissed in the coming months.
• They also note BoJ's commitment to gradually raising rates, in contrast to market pricing the RBA at 2 to 3 rate cuts this year, when 100bps of cuts may now be necessary.

House Speaker Mike Johnson (R-LA) is pushing for a final vote on the Republican 'Big Beautiful Bill' on Wednesday night, according to reporting from NBC.

• “We got same day authority through Rules. So if we can finish this up, that'd be optimal,” Johnson said referring to the procedural vote in the House Rules Committee scheduled for 01:00 ET 06:00 BST tomorrow morning. Earlier, Johnson said at a press conference on Capitol Hill: "We are going to get this done," but declined to take questions from reporters.
• Johnson's bullish comments come after President Donald Trump spoke to the House Republican conference to apply pressure on conservatives and blue-state 'SALT' Republicans to swallow their objections to the bill. While reports from Capitol Hill suggest that conservatives aren't yet won over, Trump's interventions have proven decisive during his second term.  
• Punchbowl reports that, "Several blue-state Republicans holding out support for the reconciliation bill over SALT texted Speaker Johnson to say they're a NO after Trump meeting..."
• Senate Minority Leader Chuck Schumer (D-NY) sought to drive a wedge between Trump and blue-state Republicans on SALT. Schumer said: "When Trump came to Long Island and talked a big game about restoring SALT relief, I called it a farce, it was actually a lie, and today, he has proved himself a liar and has seemingly played New York Republicans for fools," NBC's Frank Thorp reports.
• Schumer continued: "If New York Republicans don't stand up to Donald Trump right now, they will look like fools."

• US TSY TO SELL $60.000 BLN 17W BILL MAY 21, SETTLE MAY 27