US: Pres Trump Announces US-China Talks In London On Jun 9
Jun-06 18:45
From Truth Social, @realDonaldTrump
"I am pleased to announce that Secretary of the Treasury Scott Bessent, Secretary of Commerce Howard Lutnick, and United States Trade Representative, Ambassador Jamieson Greer, will be meeting in London on Monday, June 9, 2025, with Representatives of China, with reference to the Trade Deal. The meeting should go very well. Thank you for your attention to this matter!"
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FED: Chair Powell Says Appropriate to be Patient, See How Things Evolve
May-07 18:44
- Q: What do you see right now that could nourish higher inflation beyond a rise in goods prices this year?
- A: The underlying inflation picture is good. Decent readings in housing and non-housing services. That part is moving along well. But there’s just so much that we don’t know. We’re in a good position to wait and see, we don’t have to be in a hurry. The costs of waiting to see further are fairly low. The administration is entering into negotiations with many trading partners. We will know more with each week and month that goes by, about where tariffs are going to land. And we will know what the effects will be when we start to see those things. I can’t tell you how long it will take but it seems like a fairly clear decision to wait.
- Q: Prospects of moving at next meeting?
- A: We’re comfortable in our policy stance and think it’s appropriate to be patient. We can move quickly when its appropriate but right now we need to wait and see how things evolve.
US TSYS: Chairman Powell Presser React: Waiting for Greater Clarity
May-07 18:42
- Treasury futures are scaling off initial highs as Chairman Powell's press conf turns to audience questions, curves flatter: 2s10s -2.081 at 48.692, 5s30s+.381 at 90.510.
- Tsy Jun'25 10Y futures currently +9 at 111-19 vs. -22 high (10Y yld currently 4.2655%), initial technical resistance well above at 112-01.5 (High May 2). Support well below at 110-27.5 (Low May 6)
- Stocks are mixed but moving off lows:
- DJIA up 269.46 points (0.66%) at 41098.52
- S&P E-Mini Future up 9.25 points (0.16%) at 5634.5
- Nasdaq down 59.8 points (-0.3%) at 17629.14
FED: FOMC press Conference Q&A Begins
May-07 18:40
- Q: Are you any closer now to deciding which side of the mandate is going to need urgent care first?
- A: I don’t think we can say which this will shake out. There’s a great deal of uncertainty for example on tariffs on where they settle out and then there implications. Ultimately our policy rate is in a good place.
- Q: Hearing you describe what you are looking for in terms of being able to make a decision, it sounded like that's a long-term process before you sound like you are going to be comfortable or the committee would be comfortable to act on what the data is telling you.
- A: I don’t think we know. The labor market appears to be solid, inflation running just a bit above 2%. Our policy is modestly or moderately restrictive. 100bp less restrictive than last fall, we’re in a good place to wait and see. We’re going to watch the data, it could move quickly or slowly.
