FED: Trump Continues Critique Of Powell
President Trump continues his critique of Fed Chair Powell on Truth Social "“Too Late” Jerome Powell is costing our Country Hundreds of Billions of Dollars. He is truly one of the dumbest, and most destructive, people in Government, and the Fed Board is complicit. Europe has had 10 cuts, we have had none. We should be 2.5 Points lower, and save $BILLIONS on all of Biden’s Short Term Debt. We have LOW inflation! TOO LATE’s an American Disgrace!"
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US TSY FUTURES: US 30yr Yield is back towards 5%
- Some good pick up in Volumes to the downside in Treasuries, the initial move started in EGBs, taking their initial cue from the upside extension in European Equities.
- There's been a lot of focus on Yields in the US, 5% in the 30yr, although it did print as high as 5.0353% Yesterday.
- The US 10yr Yield reached a high of 4.5624% Yesterday, but the main resistance is still at 4.60%, despite printing a 4.5864% when Trump was forced to announce a delay in Tariffs back in April.
- The 4.60% level in the 10yr would equate to 109.13 Today.
US: SecState Rubio To Testify To Senate Foreign Relations Cmte Shortly
US Secretary of State Marco Rubio is shortly due to deliver testimony to the Senate Foreign Relations Committee on President Donald Trump's FY26 budget request. LIVESTREAM Later this afternoon, Rubio will appear again before the Senate Appropriations Committee.
- Rubio, testifying for the first time since his 99-0 Senate confirmation in January, will be grilled by Democrats over budget cuts to USAID and other government programmes under his purview. He will also be asked for updates on foreign policy issues which the administration has struggled to make headway, including the Ukraine war, Gaza, and Iran nuclear talks.
- Ukraine is likely to be a particular focus after Trump appeared to distance the US from future talks, following a two-hour call with Russian President Vladimir Putin yesterday: "I think something's going to happen. And if it doesn't, I just back away and they're going to have to keep going. Again, this was a European situation, and should have remained a European situation," Trump said.
- Ranking Democrat, Senator Jeanne Shaheen (D-NH), intends to tell Rubio, “this Administration has eviscerated six decades of American foreign policy investments, undercutting our ability to compete with adversaries like China.”
- Shaheen will add: “As Elon Musk took a chainsaw to USAID and you proposed cutting 83% of foreign programs, China has proposed increasing its diplomatic budget by 8.4%. As we move to reduce our diplomatic workforce and discuss closing U.S. embassies, China has more diplomatic missions than any other nation on Earth.”
US TSY OPTIONS: BLOCK: Aug'23 10Y Strangle
- 17,000 TYQ5 113 calls, 21 w/ 17,500 TYQ5 107.5 puts, 26 vs. 600 TYM5 110-05
