US: White House Press Conference Underway Shortly
Mar-26 17:33
White House Press Secretary Karoline Leavitt is shortly due to brief reporters from the White House. LIVESTREAM
- The presser comes with the Trump administration in damage control as the scandal over the leaked Signal chat enters its third day. President Trump yesterday threw his support behind National Security Advisor Mike Waltz and Defense Secretary Pete Hegseth. Expect more of the same from Leavitt as the administration looks to ride out the news cycle.
- Despite White House efforts, the story is likely to run through the week. Axios reports that, according to social media engagement data, the story “has quickly become the top news story of the year worldwide”.
- Leavitt will also face questions over the state of Russia-Ukraine ceasefire negotiations after Trump said yesterday it is possible that Russian President Vladimir Putin is “dragging his feet” on a ceasefire deal.
- There will also be questions on April 2 reciprocal tariffs, with Trump continuing to provide mixed messages over the scope and rate of tariffs and any exemptions that will be offered to trade partners.
- Bloomberg reported this afternoon that auto tariffs could be announced as soon as today.
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PIPELINE: Corporate Bond Issuance Starting to Launch
Feb-24 17:24
- Date $MM Issuer (Priced *, Launch #)
- 02/24 $1.5B #HSBC PerpNC7 6.95%
- 02/24 $800M NSTAR WNG 5Y +85a, 10Y +110a
- 02/24 $750M Vale Overseas WNG 2054 tap +195a
- 02/24 $750M #Citizens Financial 6NC5 +102
- 02/24 $500M #Entergy Texas WNG 10Y +88
- 02/24 $500M #CenterPoint Energy WNG 5Y +60
- 02/24 $Benchmark Chevron 2Y +50a, 2Y SOFR, 3Y +55a, 3Y SOFR, 5Y +70a, 7Y +75a, 10Y +85a
- 02/24 $Benchmark Georgia Power 1.5Y SOFR+60a, 6Y +85a, 10Y +105a
- 02/24 $Benchmark Pacific Gas & Electric 10Y +155a, 30Y +175a
- 02/24 $Benchmark Targa Resources +10Y +140a, 30Y +170a
- 02/24 $Benchmark American Water Capital 10Y +110a
- 02/24 $Benchmark Marriott Int 7Y +120a, 12Y +145a
- 02/24 $Benchmark LPL Holdings 5Y +125a, 10Y +150a
US-RUSSIA: Trump-Putin Discussing Major Economic Development Transactions- Trump
Feb-24 17:21
US President Donald Trump has issued a statement on Truth Social, following a virtual meeting of G7 leaders, claiming that he is in "serious discussions" with Russian President Vladimir Putin on ending the war in Ukraine.
- Trump: "I am in serious discussions with [Putin] concerning the ending of the War, and also major Economic Development transactions which will take place between the United States and Russia. Talks are proceeding very well!"
- Trump noted that he emphasized to G7 leaders, "the importance of the vital “Critical Minerals and Rare-Earths Deal” between the United States and Ukraine, which we hope will be signed very soon!"
- Trump says the “Economic Partnership,” will "ensure the American people recoup the Tens of Billions of Dollars and Military Equipment sent to Ukraine, while also helping Ukraine’s economy grow as this Brutal and Savage War comes to an end."
- Trump and Macron will now have two bilateral sessions and then appear together for a joint press conference at 14:00 ET 19:00 GMT. Following the presser, Macron will meet with US Senators at 16:00 ET 21:00 GMT.
- The comment appears another significant signal from Trump that he intends to restore economic ties with Russia. It is unclear what level of economic cooperation the Trump administration envisages, with Moscow suggesting US companies return to Russia's O&G sector.
- Experts cited by the New York Times note that even in the event of a ceasefire agreement, Russia's challenging business environment may prevent a quick return to pre-war operations.
LOOK AHEAD: Tuesday Data Calendar: Regional Fed Data, Fed Speakers, 5Y Auction
Feb-24 17:19
- US Data/Speaker Calendar (prior, estimate)
- 25-Feb 0420 Dallas Fed Logan in London, moderated Q&A
- 25-Feb 0830 Philadelphia Fed Non-Mfg Activity (-9.1, --)
- 25-Feb 0900 FHFA House Price Index MoM (0.3%, --)
- 25-Feb 0900 House Price Purchase Index QoQ (0.7%, 0.3%)
- 25-Feb 0900 S&P CoreLogic CS 20-City MoM SA (0.41%, 0.40%)
- 25-Feb 1000 Conf. Board Consumer Confidence (104.1, 102.7)
- 25-Feb 1000 Richmond Fed Mfg Index (-4, -3)
- 25-Feb 1000 Dallas Fed Services Activity (7.4, --)
- 25-Feb 1130 US Tsy $75B 6W Bill sale
- 25-Feb 1145 Fed VC Barr moderated Q&A
- 25-Feb 1300 US Tsy $70B 5Y Note sale (91282CMQ1)
- 25-Feb 1300 Richmond Fed Barkin on inflation (text, Q&A)
