GILTS: Recovery With Remit Below Median, Unallocated Bucket Size Jumps
Mar-26 13:20
{GB} GILTS: Gilts rally from lows as the remit for FY25/26 comes in below the median of sell-side estimates (GBP299.2bln vs. median GBP303bln and a range of GBP292-321bln).
- That allows futures to retest session highs, while curves move away from session steeps.
- Recovery limited by the uptick in the unallocated bucket size in the gilt remit, which we assume is likely to end up in mediums/longs. This also muddies the maturity profile of the planned issuance a little.
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US: MNI POLITICAL RISK - Speaker Johnson Eyes Tuesday Budget Vote
Feb-24 13:18
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- House Speaker Mike Johnson (R-LA) will press forward this week in his bid to adopt a budget resolution to underpin a multi-trillion reconciliation package. A vote this week, without clear GOP support, risks a defeat for Johnson that would hand the initiative back to the Senate, who passed their competing budget resolution last week.
- Johnson and Budget Committee Chair Jodey Arrington (R-TX) are reportedly surveying members about counting the cost of extending the 2017 TCJA as zero.
- BlackRock and the Bipartisan Policy Center are convening a summit of business and political leaders to address the “impending crisis” surrounding Americans’ retirement plans.
- President Trump’s special advisor Elon Musk is facing pushback from other corners of the executive, after DOGE issued a directive for government employees to justify their role or risk having their employment terminated.
- Kremlin spokesperson Dmitri Peskov told reporters this morning that US and Russian officials will hold further talks this week, ahead of another key week of Ukraine diplomacy with French President Emmanuel Macron in Washington today and UK Prime Minister Keir Starmer in Washington Thursday for talks with Trump.
- Macron and Trump will deliver a joint press conference at the White House at 14:00 ET 19:00 GMT.
- Ukraine's deputy prime minister said negotiators “are in the final stages” of talks regarding a minerals deal.
- Poll of the Day: Trump's polling numbers are "flashing yellow".
USD: USDJPY tests a new intraday high.
Feb-24 13:16
- The USDJPY is close to achieving another 100 pips traded range as it pushes to session high, on the back of selling interest in US Treasuries (tick higher in Yield).
- There isn't much in terms of Technical at current levels and some will look at 150.74 initially, this was Friday's high.
GLOBAL POLITICAL RISK: Week Ahead 24 February-2 March
Feb-24 13:16
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MNI's Political Risk Team has published its Week Ahead article, looking at the major political events taking place around the world this week. Includes details on Ukraine's allies meeting on 3rd anniversary of Russian invasion; Trump hosting French & UK leaders; and the House GOP looking to pass budget legislation in the US.
