US: Trump's NatSec Strategy Formalises Pivot To Western Hemisphere

Dec-05 14:24

The Trump administration released its 33-page National Security Strategy, outlining security priorities that it claims will ‘correct’ strategies that have “fallen short” since the end of the Cold War. The NSS is a document that is typically released once every presidential term, shaping policy and budgets related to national security. 

  • The document notes, “After the end of the Cold War, American foreign policy elites convinced themselves that permanent American domination of the entire world was in the best interests of our country. Yet the affairs of other countries are our concern only if their activities directly threaten our interests.” 
  • Politico notes that the NSS “has some brutal words for Europe, suggesting it is in civilizational decline, and pays relatively little attention to the Middle East and Africa. It has an unusually heavy focus on the Western Hemisphere that it casts as largely about protecting the US homeland.”
  • The document explicitly states that the strategy is a “corollary” to the Monroe Doctrine, laid out in 1828 and broadly seen a formalising the Western Hemisphere with the US sphere of influence.
  • Indeed, Politico notes, “the strategy spends an unusual amount of space on Latin America, the Caribbean and other U.S. neighbors. That’s a break with past administrations, who tended to prioritize other regions and other topics, such as taking on major powers like Russia and China or fighting terrorism.”

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US TSYS/SUPPLY: Liquidity Buybacks Unchanged; Cash Management Returns In Dec

Nov-05 14:16

Treasury's buyback schedule for the upcoming quarter is here.

  • The main buyback parameters for liquidity support buybacks are unchanged (up to $38B) from the previous quarter: Treasury is conducting 4 operations in each of the 10-20Y / 20-30Y buckets each for up to $2B. There will be one liquidity support buyback of up to $4B in each of the other nominal coupon buckets.
  • In TIPS, there will be 2 operations in the 1-10Y bucket (up to $750M each), and 1 in 10-30Y ($500M).
  • Cash management buybacks are expected to resume in December (having made none in the last Refunding quarter), with up to $12.5B in 1M to 2Y securities over 2 operations. Those will take place on Dec 2 and Dec 10. "Amounts purchased in cash management buybacks temper reductions to bill auction sizes that would otherwise occur over the same timeframe."
  • As we noted could be the case in our Refunding preview, Treasury highlighted that it would expand the list of eligible counterparties to the buyback program in the first half of 2026.
  • The next two buyback operations were announced in the previous Refunding for today (10-20Y) and Nov 12 (10-30Y TIPS).
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STIR FUTURES: BLOCK: Dec'25 SOFR Buy

Nov-05 14:15

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MNI EXCLUSIVE: Former Canadian finance department economist speaks about budget

Nov-05 14:11

Former Canadian finance department economist speaks about Mark Carney's budget focused on damage from U.S. trade war. - On MNI Policy MainWire now, for more details please contact sales@marketnews.com