FRANCE: PM: 'No Proposed Tax Hikes In 2027 Budget Plan'

Italy has announced it will be looking to sell E2.25-2.50bln of the 2.20% Feb-28 BTP Short Term (ISIN: IT0005692410) at its auction this Friday, April 24.

• EUR/USD: Apr23 $1.1595-15(E3.7bln), $1.1640-50(E5.1bln), $1.1675(E1.5bln), $1.1700(E1.5bln), $1.1825(E3.7bln), $1.1850(E1.2bln); Apr27 $1.1650(E1.5bln)
• USD/JPY: Apr23 Y156.80-00($1.2bln), Y162.00($1.2bln); Apr24 Y157.00($2.1bln), Y161.00($1.8bln); Apr27 Y157.00($1.9bln), Y158.00($1.1bln), Y161.00($1.0bln)
• AUD/USD: Apr23 $0.7200(A$1.9bln); Apr27 $0.7110-30(A$1.1bln)
• USD/CAD: Apr23 C$1.3650($1.0bln)

Warsh says that his background will allow him to push rapid reform at the Fed, which is necessary in part because of rapid advances to AI that could impact both sides of the dual mandate:

•  "My prior experience at the Fed...are going to allow me to hit the ground running. This is as consequential a moment for the US economy, and frankly, for the institution, as any point since the late 1970s. And so my experience at the Fed, my understanding of the people, the culture, the governance and of the things that are ripe for reform are going to give me a leg up. We don't have a long time to do new studies and contemplate what reform should be. We have a short window to try to bring inflation back down to where it should be to ensure price stability, and because AI ...  is so consequential, and ...  quickly becoming at something like escape velocity, it's important to revisit the Fed's models and see whether this innovation cycle, while it could have, over time, improvements in the price level and make the Fed's job on inflation easier. There's a question about what that means for employment, which is another part of the Fed's mandate. So I think that's part and parcel of what, what my background suggestion and history would suggest. But if I can make one other point, what the Fed needs is a reform to its frameworks and reforms to its communications."
• Earlier he'd been slightly evasive asking a question about whether he believed AI would allow for higher productivity and rate cuts ("That is not how I would characterize the story on AI... I have said that this is the most disruptive moment in modern economic history, in the US and the world."