US: Trump Approval Rating Stready In August
President Donald Trump's approval rating held steady throughout August, despite a flurry of newscycles, including the deployment of National Guard troops to Washington, DC, a high-profile summit with Russian President Vladimir Putin, an intense pressure campaign targeting the Federal Reserve, and progress on framework trade agreements with key trading partners, including the European Union, Japan, and South Korea.
- Silver Bulletin notes: "Trump’s net approval rating is nearly unchanged from last week at -8.3. This week’s new releases provide a good example of how steady Trump’s approval rating has been over the past month."
- The New York Times' Ruth Igelnik writes: "Trump’s approval rating overall has remained relatively stable in recent weeks. But under the surface, the president appears to be losing some ground with key constituencies... Among younger Republicans — particularly those under 35 — Trump’s ratings have fallen dramatically. Still, his approval among older Republicans, who are the backbone of his support, remains steady and strong."
Figure 1: President Donald Trump's Net Approval Rating
Source: Silver Bulletin
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US: FED Reverse Repo Operation
RRP usage retreats to $155.481B this afternoon from $171.018B yesterday, total number of counterparties at 27. Usage had fallen to $54.772B on Wednesday, April 16 -- lowest level since April 2021 - compares to July 1: $460.731B highest usage since December 31.
OPTIONS: Larger FX Option Pipeline
- EUR/USD: Aug01 $1.1400-05(E1.4bln), $1.1440-60(E2.0bln), $1.1600-10(E1.7bln), $1.1650-60(E1.1bln), $1.1700(E1.1bln); Aug04 $1.1500-10(E1.2bln), $1.1550-65(E2.6bln), $1.1600(E1.1bln); Aug05 $1.1425(E1.4bln), $1.1500(E1.2bln), $1.1550(E1.5bln)
- USD/JPY: Aug01 Y146.00($1.4bln), Y147.00($1.5bln)
- USD/CAD: Aug01 C$1.3450-70($1.2bln)
US: Epstein Case Unlikely To Signficantly Damage Trump Approval
Nate Silver at Silver Bulletin writes that despite the high volume of news reports about President Donald Trump's handling of the Jeffrey Epstein case, it may not resonate broadly enough with the electorate to impact Trump’s approval.
- Silver notes: “Google search traffic in the United States reveals that the peak of interest in the Epstein case a couple of weeks ago was only about one-third as high as the one surrounding tariffs in April. I know that might seem like an apples-to-oranges comparison, but tariffs are an interesting benchmark precisely because they’re one of the few things that did produce notable political fallout for Trump.”
- Silver adds: “There remains a strong case that voters are concerned about the economy and the cost of living, but that everything else is priced in.”
Figure 1: “Google search traffic for tariff and Epstein topics”
Source: Silver Bulletin
