EUROZONE T-BILL ISSUANCE: W/C 18 August
Aug-15 15:21
Germany, the Netherlands, France, the ESM and Greece are due to sell bills next week. We expect issuance to be E15.2bln in first round operations, down from E22.4bln this week.
- On Monday morning, Germany will look to sell E3bln of the new 12-month Aug 19, 2026 Bubill.
- Also on Monday morning, the Netherlands will look to issue E1.0-2.0bln of the 3.5-month Nov 27, 2025 DTC and E1.0-2.0bln of the 5.5-month Jan 29, 2026 DTC.
- On Monday afternoon, France will look to come to the market with up to E7.4bln of 7/14/25/51-week BTFs: E0.0-0.4bln of the 7-week Oct 8, 2025 BTF, E2.6-3.0bln of the new 14-week Nov 26, 2025 BTF, E1.6-2.0bln of the 25-week Feb 11, 2026 BTF and E1.6-2.0bln of the 51-week Aug 12, 2026 BTF.
- On Tuesday, the ESM will look to issue up to E1.1bln of the new 6-month Feb 19, 2026 bills.
- Finally on Wednesday, Greece will look to sell E500mln of the new 26-week Feb 20, 2026 GTB.
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FED: Bloomberg: Trump Likely To Fire Powell Soon, Says White House Official
Jul-16 15:17
BBG reports: *TRUMP LIKELY TO FIRE POWELL SOON, WHITE HOUSE OFFICIAL SAYS" -bbg
- Follows earlier CBS report. BBG: "President Donald Trump is likely to fire Federal Reserve Chair Jerome Powell soon, a White House official said, and discussed the possible move in a meeting with congressional Republicans on Tuesday night."
US: Odds Of Trump Firing Powell Spikes After CBS Highlights White House Meeting
Jul-16 15:17
The implied probability of President Donald Trump firing Fed Chair Jerome Powell spiked to 30% in the last few minutes, after CBS highlighted comments made during a closed-door meeting yesterday.
- While Trump has repeatedly applied pressure on Powell, in an apparent effort to force him to resign, there hasn't been an obvious route for removing Powell from office before May 2026. AP notes the Supreme Court signaled Trump doesn’t have the authority to remove Powell over an interest rate disagreement.
- Trump officials recently hinted that they could use an alleged misuse of funds during a renovation project at Fed premises as a justification for dismissal.
- Trump told reporters yesterday Powell is spending $2.5B "to build a little extension onto the Fed.” Trump said when asked if that was a fireable offence: “I think it sort of is,” per CNN.
- Axios notes that OMB Director Vought sent Powell a letter on July 10, giving him seven business days to respond to allegations, potentially giving Trump time to attempt action before the next Fed meeting, on July 29.
- NEC director Kevin Hassett, one of the favourites to replace Powell, told reporters on Sunday that Trump is “looking into” whether the renovations provide authority to fire Powell.
- Deutsche Bank warned Friday that investors are overlooking the risk of Trump removing Powell, per Business Insider, describing it as, "the market's most underestimated risk”.
Figure 1: Will Trump Fire Fed Chair Powell in 2025
Source: Polymarket
FED: US TSY 17W AUCTION: NON-COMP BIDS $552 MLN FROM $65.000 BLN TOTAL
Jul-16 15:15
- US TSY 17W AUCTION: NON-COMP BIDS $552 MLN FROM $65.000 BLN TOTAL
