US: Trump To Welcome Norwegian PM Store At White House Shortly

• US Data/Speaker Calendar (prior, estimate)
• 26-Mar 0700 MBA Mortgage Applications (-6.2%, --)
• 26-Mar 0830 Durable Goods Orders (3.2%, -1.0%)
• 26-Mar 0830 Durables Ex Transportation (0.0%, 0.2%)
• 26-Mar 0830 Cap Goods Orders Nondef Ex Air (0.8%, 0.2%)
• 26-Mar 0830 Cap Goods Ship Nondef Ex Air (-0.3%, 0.2%)
• 26-Mar 1000 MN Fed Kashkari Fed listens event (no text, Q&A)
• 26-Mar 1130 US Tsy $28B 2Y FRN (91282CMJ7) & $60B 17W bill auctions
• 26-Mar 1300 US $70B 5Y Note auction (91282CMU2)
• 26-Mar 1310 StL Fed Musalem on economy/policy (text, Q&A)

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• The February 2025 release is a bit later in the month than usual (possibly due to the 2025B weights update).
• Headline CPI is expected to remain around 3.0% while both core and services CPI are all expected to tick down a tenth according to the previews we have read to 3.6% (with upside risks) and 4.9% respectively. Core goods and food / tobacco prices are expected to increase, however, with the latter keeping headline unchanged.
• We note that goods inflation, and not just services inflation is now important for the MPC - particularly if food and core goods prices continue to increase.
• There is also uncertainty over the survey date this month.
• We also look at the main takeaways from the 2025B weights publication.

• Date $MM Issuer (Priced *, Launch #)
• 03/25 $4.65B Bausch Health 7NC3 10%a
• 03/25 $2B #LG Energy $400M 3Y +135, $600M 5Y +145, $300M 5Y SOFR+170, $700M 10Y +170
• 03/25 $1.75B #Côte d'Ivoire 10y WAL 8.45%
• 03/25 $1.25B #NWB 3Y SOFR+36
• 03/25 $1.25B #NDB 3Y SOFR +65
• 03/25 $1B #MuniFin WNG 5Y SOFR+46
• 03/25 $1B *JFM 5Y SOFR+64
• 03/25 $1B #IDB 5Y SOFR+49
• 03/25 $800M Xerox $400M 5.5NC2.5, $400M 6NC3
• 03/25 $Benchmark Kingdom of Belgium 10Y SOFR+67a