US: Trump To Announce Rescission Of Obama-Era Climate Finding Shortly

Feb-12 18:28

US President Donald Trump is shortly due to join Environmental Protection Agency Administrator Lee Zeldin at the White House to announce that the administration will no longer adhere to an Obama-era scientific finding that has underpinned US climate policy since 2009. White House press secretary Karoline Leavitt said Tuesday, “This will be the largest deregulatory action in American history.” LIVESTREAM

  • The Wall Street Journal notes that the 2009 finding, "provided the legal underpinning for the Environmental Protection Agency’s climate rules, which limited emissions from power plants and tightened fuel-economy standards for vehicles under the Clean Air Act."
  • Today’s event may offer an opportunity for the press to speak directly to Trump for the first time since Friday, a rare blackout for the media-accessible president. Trump took no questions at a coal event yesterday, and his diary this week has been closed to the press.
  • Politico writes that Trump has a lot to tout, “The economy keeps outperforming expectations — yesterday’s job market figures were (again) way better than analysts predicted. Inflation has repeatedly beaten forecasts too. GDP and wage growth are impressive. The stock market is at record levels. The dire warnings of a tariff-led recession feel like a very long time ago. And we’ve seen a policy blitz on affordability, with housing, drug prices and energy costs among the areas targeted in recent weeks.”

Historical bullets

PIPELINE: Corporate Bond Update: $4.95B Columbia 3Pt Leads Supply

Jan-13 18:27
  • Date $MM Issuer (Priced *, Launch #)
  • 01/13 $4.95B #Colombia $2B 3Y 5.65%, $1.475B 5Y 6.35%, $1.475B 7Y 6.75%
  • 01/13 $1.5B #Jefferies 10Y +143
  • 01/13 $1B GFL Environmental 8NC3 5.5%
  • 01/13 $950M *Rentenbank 7Y SOFR+37
  • 01/13 $750M #Antero Resources 10Y +125
  • 01/13 $600M #TAL Int Container 7Y +125
  • 01/13 $500M MuniFin WNG 4Y SOFR+31a

US: FED Reverse Repo Operation

Jan-13 18:23

RRP usage slips up to $3.277B with 5 counterparties this afternoon vs. $3.402B Monday. Compares to December 12 low of $0.838B (lowest level since mid-March 2021); this years highest excess liquidity measure: $460.731B on June 30.

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SOFR OPTIONS: BLOCK: Sep'26 SOFR Put Spread

Jan-13 18:17
  • +13,100 SFRU6 96.25/96.50 put spds 4.25 net vs. 96.76/0.18% at 1257:21ET