IRAN: Trump: We Have To Make A Meaningful Deal, They Can't Have Nuclear Weapons

The US Supreme Court will NOT rule on the White House's IEEPA tariffs today (the 3rd Opinion Day in which they have not issued a ruling on this case). The next opinion day is not yet scheduled and it could be over a month before the next opinion day given the SCOTUS schedule.

• However there will still be market interest on the Supreme Court Wednesday at 10am (there will be an audio livestream) as the justices will hear oral arguments over whether President Trump is allowed to fire Fed Governor Lisa Cook.
• No decision is expected in the near future and prediction markets mark under 10% probability that Cook will leave her job before March (rising to 29% by year-end), but we may get a sense of how the Court regards the inviolability of the Fed's independence and ability of the US President to reshape the monetary policy-setting Fed Board.

The US Supreme Court has not issued a ruling on the legality of President Donald Trump's tariffs imposed under the International Emergency Economic Powers Act of 1974. With no decision today, a decision may not be forthcoming until the next sitting, starting 23 February. 

• Treasuries remain weaker - but off this morning's lows after the Supreme Court opted to not comment on Pre Trump's IEEPA tariff actions for the third time (and no word as to when they may make any comments).
• TYH6 currently -6 at 111-18 vs. 111-09 (lowest since mid-August).
• Curves remain steeper but a little off highs: 2s10s +5.553 at 68.819 vs. 70.868 high; 5s30s +4.934 at 106.889 vs. 109.328 high.