TARIFFS: Summary Of Key Comments From Trump's Oval Office Presser 2/2
Summary of President Donald Trump's Oval Office comments continued: Trump says he thinks the 10% baseline is probably “the lowest end” countries can hope to receive. He says he is unlikely to do a deal on autos similar to the one struck with the UK, “unless there’s another car comparable to a Rolls Royce.”
- Following another critical social media statement this morning, Trump says Fed Chair Jerome Powell is “probably not in love with me”. He adds that Powell “should lower interest rates.” Says: “Everyone’s cutting except him”
- On Ukraine, Trump again suggests that ceasefire negotiations are “close” but declines to elaborate on specifics. He affirms that he would "naturally" ask China for assistance in talks.
- Trump addresses the 'One Big Beautiful' reconciliation bill currently under markup by House Republicans. He says: "We have a lot of support for that bill." Adds: "If that happens on top of all of these trade deals... this country will hit a point... You better go out and buy stock now... This country will be like a rocket ship..."
- Trump dismisses the possibility that American voters could respond negatively to higher prices as a result of tariffs. He says: "Tariffs are the most misunderstood thing," suggesting that countries or businesses are likely to cover the cost of import levies: "The people don't pick it up".
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ITALY AUCTION PREVIEW: On offer this week
MEF has announced it will be looking to sell the following at its auction this Friday, April 11:
- E3.0-3.5bln of the 2.65% Jun-28 BTP (ISIN: IT0005641029)
- E2.0-2.5bln of the 3.15% Nov-31 BTP (ISIN: IT0005619546)
- E1.25-1.5bln of the 0.95% Jun-32 BTP (ISIN: IT0005466013)
- E1.0-1.5bln of the 3.25% Mar-38 BTP (ISIN: IT0005496770)
US 10YR FUTURE TECHS: (M5) Testing Support
- RES 4: 115-00+ High Oct 1 ‘24
- RES 3: 114-29+ 2.000 proj of the Jan 13 - Feb 7 - Feb 12 price swing
- RES 2: 114-16 2.000 proj of the Jan 13 - Feb 7 - Feb 12 price swing
- RES 1: 112-29/114-10 50.0% of Apr 7 high-low range / High Apr 7
- PRICE: 111-24+ @ 16:55 BST Apr 8
- SUP 1: 111-10+/110-08 20-day EMA / Low Apr 8
- SUP 2: 111-10+ 20-day EMA
- SUP 3: 110-20+ 50-day EMA
- SUP 4: 110-06 Low Mar 27
The strong sell-off from Monday’s high in Treasury futures is considered corrective - for now - and this is allowing an overbought condition to unwind. Recent gains resulted in the break of resistance at 112-01, the Mar 4 high, to confirm a resumption of the uptrend. The move higher opens 114-16 next, a Fibonacci projection. On the downside, support at 111-10+, the 20-day EMA, has been pierced. A clear break of it would open 110-20+, the 50 day EMA.
ITALY: BBG-Meloni To Visit D.C., In Effort To Gain Tariff Concessions
Bloomberg reports that PM Giorgia Meloni will visit Washington, D.C., as early as next week in an effort to press the Trump administration to offer concessions on tariffs. The Italian leadership "will propose eliminating tariffs on bilateral trade between the EU and the US," given that "About 10% of Italy’s exports go to the US, with some of its most important sectors such as pharmaceuticals, automakers, and the food and wine industries heavily affected by the levies."
- US Vice President JD Vance is set to visit Rome over the weekend on a personal visit, but it is expected that he will meet with Meloni during the trip. Meetings with both Vance and Trump in quick succession would give renewed impetus to the perception that Meloni is the EU leader best positioned to work out a deal with the US, providing the Italian gov't with significant political capital in dealings with Brussels and other EU member states.
- Speaking in Luxembourg earlier in the week, Foreign Minister Antonio Tajani, secretary of the centre-right Forza Italia, was unclear on the Italian gov'ts stance regarding retaliatory tariffs. He said "Italy will support all the initiatives" of Trade Commissioner Maros Sefcovic, and that Rome has no intention of putting the Commission "in difficulty.". However, he also raised the prospect of delaying the tariffs responding to Trump's earlier steel and aluminium levies to 30 April in an effort to facilitate talks.
